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Photographic 

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6 

STATUTORY   REQUIREMENTS 


IlKLATINO    TO 


INSURANCE 


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In  the  United  States  and  Canada. 


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COMPKISINQ    AI,L    THE    REQUIREMENTS   NECESSABT    FOB    TUB    ADMISSION    ANB    TbANSAOTION 
OP  BOBINESS  IN  THE  STATES  AND    IN  CANADA,  BT  INSUBANCE  COMPANIES 

OP  OTHEB  States  and  Fobbiqn  Countbibs. 


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HARTFORD,     CONN.: 

PUBLISHED     BY     THE     INSURANCE     JOURNAL. 

1876. 


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Biitered  according  to  Act  of  Congress  In  the  year  1875,  by 

II.    B.    HAYDEN,      i. 
In  the  Offl-ie  of  the  Librarian  of  Congress,  at  Washington. 


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ABSTRACT  OF  STATUTOIIY  REQUIREMENTS 

OF  THE  SEVERAL  STATES  AND  CANADA 

RELATING    TO    INSURANOE. 


N.  B  -The  requirements  In  referenee  to  DonicKtlc  Cnmpanici'  arc  not  Included  liereln. 
Foreign  Conipiinlos  an  cliieslHcd  liereln  are  Companies  exlstlu};  under  uuthorlty  oCgovernmcntB 
foreign  to  the  United  States. 

ALABAMA. 

R.  T.  Smith,  Auditor  of  Slate. 

Admission. — Every  company  desiring  to  transact  business  in 
tliis  State,  before  admission  must  possess  at  least  one  liuiidred  thousand 
dollars  invested  in  stocks  of  at  least  par  value,  or  loaned  on  bond  and 
mortgage  ;  and  must  file  with  the  Auditor  a  certified  copy  of  its 
charter  or  acts  of  incorporation  :  a  statement  under  the  oath  of  the 
President  or  Secretary,  showing  the  name  and  location  of  the  company, 
the  amount  of  its  capital  stock  and  the  amount  thereof  paid  in  :  a 
written  instrument  under  seal,  authorizing  the  agents  of  the  company 
to  acknowledge  service  of  process  for  and  in  behalf  of  the  company, 
and  consenting  that  service  of  process  upon  any  such  agents  shall  be 
taken  and  held  as  if  served  upon  the  company,  and  waiving  all  claim 
of  error  by  reason  of  such  service. 

(fSlse  Deposits.) 

A  statement  of  the  condition  of  each  company  must  be  rendered 
annually  in  the  month  of  July. 

Certificates  and  Agents. — Every  agent,  before  transacting 
business,  shall  procure  from  the  Auditor  a  certificate  of  authority,  and 
file  such  certificate,  together  with  a  copy  of  the  statement  and  written 
instrument  filed  with  the  Auditor,  in  the  office  of  the  Judge  of  Probate 
of  the  county  in  which  the  office  of  such  agent  is  located.  Such 
certificate  shall  be  renewed  annually,  and  shall  be  annually  filed,  with 
a  copy  of  statement,  in  the  office  of  the  Judge  of  Probate.  Every  agent, 
before  taking  any  risks  in  the  city  or  county  of  Mobile,  is  required  to 
pay  to  the  Fire  Department  Association  of  Mobile,  the  sum  of  two 
hundred  dollars,  such  payment  to  be  made  annually.  Every  agent 
taking  risks  or  transacting  any  business  of  insurance  in  any  other 
incorporated  city  or  town  in  the  State  where  there  is  or  shall  be  a  fire 
department,  shall  pay  to  such  city  or  town,  annually,  two  and  one  half 
per  cent,  upon  the  gross  amount  of  premiums  received  by  such  agent. 


]«8eMrsieiWB££st^tas»iia»^a«eiae^t&twvwt<«^^  ' 


4  8TATUTK    KEQUinEMENTS. 

Deposits  —Every  company  shall  deposit  in  tho  treasury  of  this 
State  t.>n  thousand  dollars  of  the  bonds  of  this  Stato.  to  secure  the 
hoi"  TS  of  policies  of  su(-h  company  in  this  State.  ,■    a,  ^ 

Tlio  Konc^ral  agents  of  each  company  doing  business  in  this  State, 
shall  during  tho  months  of  April  a.id  October  of  each  year,  render  to 
tlie  Treasunn-  a  statement  under  oath,  showing  tlie  number  of  pohc  .es 
issued  to  persons  in  this  State,  and  the  amount  of  risks  taken  ther.. on. 
Tl.e  'treasurer  may  n^quire,  for  the  security  of  policy-holders,  the 
diiposit  of  additional  bonds,  not  exceeding  sevim  per  cent,  of  the  wliole 

amount  of  risks  taken.  .  ,    .,      n        ^    n  «  tVo 

Every  foreign  company  must  dep..sit  with  the  Comptroller  the 
stocks,  or  cH^rtificate  th(>reof,  of  one  or  more  of  the  other  States  o  the 
United  States,  to  the  amount  of  one  hundred  thousand  dollars,  to  be 
held  by  him  exclusively  for  tlie  payment  of  any  loss  the  company  may 
become  liable  to  in "  the  course  of  its  business.  Also  reciprocal 
provision  in  relation  to  deposits  by  hfe  companies. 

Fees  —For  every  statement  filed  with  the  Auditor,  live  dollars 
For  every  statement  filed  with  any  Judge  of  Probate,  five  dollars  ;  and 
for  agents'  licenses,  five  dollars.  Also  reciprocal  provision  in  relation 
to  fees  to  be  paid  by  life  insurance  companies. 

Taxes  —The  agents  of  every  insurance  company,  in  the  month  of 
April  in  each  year,  must  deposit  with  the  Assessor  of  the  county  in 
which  the  office  of  the  agent  is  located,  a  statement  veniieu  by  the  oath 
of  such  agent,  showing  the  gross  amount  of  premiums  (after  deducting 
return  premiums)  received  by  such  agent  for  any  company  for  the 
year  ending  on  the  1st  day  of  April.  Such  premiums  shall  be  subject 
to  a  tax  of  two  per  centum,  exclusively  for  public  school  purposes. 
(See  Certificates  and  Agents.)  •     ,u„ 

Every  life  insurance  company  shall  file  with  tho  Auditor,  in  the 
month  of  June  in  each  year,  a  statement  of  the  condition  of  the  company 
on  the  preceding  first  day  of  April,  and  showing  the  gross  amount  of 
premiums  received  in  this  State  for  the  year  ending  on  that  day-also 
the  amount  of  taxes  and  licenses  paid  in  each  and  every  county  m  this 
State,  and  the  amount  invested  in  this  State  ;  all  of  which  shall  be 
verified  by  the  certificate  of  the  President  and  Secretary  or  attorney  ot 
such  company,  under  oath  and  the  seal  of  the  company.  li  it  sha 
appear  from  such  statement  that  such  company  has  not  paid  the  lull 
.  amount  of  licenses  or  taxes  required  by  law  in  this  State,  the  Auditor 
shall  give  notice  thereof  to  the  officers  of  such  company,  and  demand 
payment  of  the  same,  with  legal  interest. 

Also  a  reciprocal  provision  in  relation  to  taxes  upon  hfe  companiea. 

Penalties.— Agents  doing  business  for  a  company  without  com- 
plying with  the  provisions  of  law,  are  liable  to  fine  and  imprisonment. 
The  highest  fine  imposed  is  one  thousand  dollars.  The  longest  term  of 
imprisonment,  twelve  months.  ,      ,.        .    , 


iasury  of  this 
to  secure  the 

ill  this  State, 
oar,  render  to 
Ijcr  of  poli(  loa 
aken  thereon, 
^••holdi-rs,  the 
.  of  the  whole 

iniptroUer  the 
■  States  of  the 
dollars,  to  bo 
company  may 
Iso   reciprocal 

r,  live  dollars. 
i  dollars  ;  and 
lion  in  relation 

1  the  month  of 
the  county  in 
ed  by  the  oath 
iter  deducting 
nipany  for  the 
hall  he  subject 
ihool  purposes. 

Auditor,  in  the 
jf  the  company 
ross  amount  of 
that  day — also 
•  county  in  this 
which  shall  be 
f  or  attorney  of 
ly.  If  it  shall 
)t  paid  the  full 
te,  the  Auditor 
ly,  and  demand 

life  companies. 

y  without  com- 
.  imprisonment, 
longest  term  of 


HTATUTK    REQUIRKMENTfl. 


ARKANSAS. 


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II.   Mii.i.KU,  Awlilor. 

Admission.— Every  insurance  company  desiring  to  transact 
business  in  this  State,  before  udniission  nmnt  have  a  subscribed  ciipi- 
tal  (if  one  hundred  thousand  dollars,  with  a  j)ai(l-up  capital  of  filty 
thousand  dollars,  and  nmst  lil(!  with  the  State  Auditor— 

A  certidtid  copy  of  its  (■barter. 

A  certihcate  giving  the  date  of  its  organization,  and  location  of 

its  principal  office.  ,       »    ,      i,      •  j     * 

A  statement  verilied  by  the  signature  and  oath  of  the  1  resident 
or  Vice-President,  and  Secretary  or  Actuary  of  the  company,  showing 
its  condition  and  business. 

A  written  stipulation  duly  authenticated  by  the  company,  agreeing 
that  any  legal  process  affecting  the  company,  served  on  the  Auditor  or 
party  designated  by  him,  or  the  agent  speeilied  by  the  company  to 
receive  service  of  process,  shall  have  the  samcj  effect  as  if  served  per- 
sonally on  the  company  within  this  State.  Such  stipulation  cannot 
be  modified  or  revoked,  except  that  a  new  one  may  be  substituted 
requiring  or  dispensing  with  service  at  the  office  of  the  company  m 
this  State. 

Certificates  and  Agents.— Every  company  complying  with  the 
requirements  of  law  shall  receive  from  the  Auditor  a  certificate  of 
authority.  Each  company  authorized  to  do  business  in  this  State  shall 
certify  to  the  Auditor  the  names  of  all  agents  appointed  in  this  State. 
The  Auditor  shall  issue  to  each  agent  a  certificate  of  authority,  showing 
that  the  company  is  authorized  to  do  business  in  the  State,  and  that 
he  is  appointed  its  agent. 

Examinations  and  Impairments.— 'J'he  Auditor,  for  prob- 
able cause,  may  visit  and  investigate  the  affairs  of  any  company  doing 
business  in  this  State,  at  its  principal  oflice,  wherever  it  may  be,  (not 
of  a  State  where  the  substantial  provisions  of  the  "Act  to  establish  an 
Insurance  Bureau"  of  this  State  shall  l)e  enacted.)  He  may  revoke 
its  certificate  if  the  reasons  for  granting  it  no  longer  exist,  or  if  exam- 
ination be  not  permitted.  .  ,       ,       , 

If  after  charging  a  fire  and  marine  company  with  a  lef-n  re-insur- 
ance  reserve  and  all  other  liabilities,  its  capital  stock  is  imp-  '  .1  twenty 
per  centum,  the  Auditor  shall  require  the  company  to  malo-  fvood  its 
whole  capital  stock  within  sixty  days,  and  if  this  is  not  done  he  shall 
require  the  company  to  cease  to  do  business  within  the  State. 

If  any  life  insurance  company  has  not  assets,  after  providing  for 
all  liabilities  exclusive  of  capital  stock,  equal  to  the  net  value  of  all  its 
policies  in  force,  the  Auditor  shall  publish  the  fact  that  the  condition 
of  the  company  is  below  the  standard  of  safety  established  by  this 
State,  and  require  the  company  to  cease  doing  new  business  m  this 
State. 

Fire  and  Marine. — Annual  statements,  verified  by  the  signature 
and  oath  of  the  President  or  Vice-President  and  Secretary  of  the  coin- 
pany,  shall  be  filed  on  the  first  day  of  January  in  each  year,  or  within 


I 


6 


BTATUTK    RKQlltHEMKNTfl. 


sixty  days  theroaftor,  and  sliall  show  the  condition  of  tlin  company  on 
till!  ])ivce(ling  iHst  day  of  Deconiljor,  and  its  husinoss  for  the  year 
pHfcoding. 

Tho  ro-insurance  fund  shall  be  coinputcd  at  lifty  per  cntum  of  all 
prcniiiinis  on  unexpired  lire  risks  having  less  than  one  year  to  run; 
pro  nita  of  ail  i)r(!niiiiiiis  on  unex|)ire(l  fire  risks  having  indretlian  on'.t 
yenir  to  run;  tlie  (Mitire  premiums  received  on  unexpired  inarino  and 
inland  risks.  When  the  reinsurance  fund,  thus  calculated,  is  less  than 
forty  per  centutn  of  all  premiums  received  during  the  year,  then  the 
whole  of  the  preuuuni  received  on  unexjiired  risks  shall  constitute  the 
re-insurance  fund. 

Life. — Annual  statements  must  bo  filed  on  the  first  day  of  January 
in  eac'h  year,  or  within  sixty  days  thereafter,  showing  the  condition  of 
the  company  on  the  preceding  IJlst  day  of  Decend)er. 

Such  statements  must  be  accompanied  by  a  schedule  of  all  })olieies 
in  force  in  tlie  company,  if  the  certificate  hennnaftor  mentioned  is  not 
furnished. 

'i'he  Auditor  is  re(iuired  to  annually  value  the  policies  of  ail  com- 
panies doing  business  in  the  State  which  do  not  furnish  the  certificate 
of  the  Insurance  Commissioner  of  the  State  under  whoso  authority 
the  company  is  organized,  showing  the  net  value  of  all  policies  in  force 
in  such  conipany,  calculated  upon  the  basis  established  V)y  this  State, 
and  stating  that  after  being  charged  with  all  debts  and  claims,  the 
comi)any  had  in  safe  securities  an  amount  equal  to  the  net  value  of  its 
policies  in  force,  and  that  the  company  is  entitled  to  do  business  in  its 
own  State. 

The  standard  of  valuation  in  this  state  is  the  American  Experience 
Table  of  Mortality,  and  four  and  a  half  per  centum  interest  per  annum. 

Foreign. Foreign  companies  shall  transmit  an  annual  statement, 

other  than  that  relating  to  business  in  the  United  States,  prior  to  the 
first  day  of  July  in  each  year. 

Taxes. — Every  company  shall  make  a  report  to  the  Auditor  at 
the  time  of  tiling  its  annual  statement,  under  oath  of  its  President, 
Secretary,  or  Agent,  showing  the  entire  amount  of  premiums  received 
in  this  State  during  the  year  ending  on  the  preceding  31  st  day  of 
December,  and  after  deducting  losses  and  commissions  therefrom  shall 
pay  into  the  State  treasury  on  or  before  the  first  day  of  March  a  tax 
of  two  and  one-half  per  centum  upon  such  premiums. 

Municipal  licenses  and  taxes  prohibited. 

Fees. — Filing  charter,  fifteen  dollars. 

Filing  statement  or  certificate,  ten  dollars. 

Certificate  of  authority,  two  dollars. 

Every  copy  of  any  paper  on  file  in  the  Insurance  Bureau,  per  folio, 
twenty  cents. 

Affixing  official  seal  and  certifying  such  copy,  one  dollar. 

Valuing  life  policies,  for  each  one  thousand  dollars  of  insurance 
valued,  a  sum  not  to  exceed  three  cents. 

Official  examinations,  the  actual  expenses  incurred. 


oinpany  on 
)!•  tlio  your 

titum  of  all 
oar  to  run; 
ire  tliaii  on;* 
iiiiiriito  iiiiil 
is  1('8H  than 
ir,  tlion  tho 
nutituto  tilt! 


of  January 
■ondition  of 

all  jmlicies 
lonoil  is  not 

of  all  coni- 
e  cortilicato 
e  authority 
i\os  in  force 
,'  this  State, 
claims,  the 
value  of  its 
siness  in  its 

Experience 
per  annum. 

1  statement, 
prior  to  tho 

Auditor  at 
1  President, 
ms  received 

31st  day  of 
•efrom  shall 
klarcli  a  tax 


,u,  per  folio, 

ir. 

)f  insurance 


STATUTE    UEQUIKEMKNTB.  ? 

Penalties. — .\ny  company  neRlectin^f  to  make  and  transmit  any 
stiit(!meiit  I'ctiuiri'd,  ,'shall  forfeit  one  liiuidred  doliiirs  for  (^ach  day's 
neji;l(H't.  Any  [lerson  or  corporation  triinsiuttitij;  \\h'  l)UMiiiess  of  iiisur- 
atu'(*  witiiiiut  complying  with  the  requiremetif.s  of  law,  shall  forfeit  live 
luuidr(!il  dollars  for  each  montli  or  fraction  thereof  such  illegal  business 
is  done. 


CALIFORNIA. 
J.  W.  FoAKD,  Insurance  Commissioner. 

Admission. — Every  ('omf)any  desiring  to  transact  the  business  of 
insurance  in  this  State,  must,  Ix-foro  aiimission,  jjosaess  available  cash 
assets  ovei"  and  above  all  liabilities,  amounting  to  two  hundred  thousand 
dollars  in  United  .Stat(!S  gold  coin,  and  must  tih^  with  tho  Insurance 
Commissioner  a  certified  copy  of  its  charter  or  articles  of  incorporation  ; 
a  certificate  from  the  proper  State  official  showing  that  the  company  is 
duly  organized  and  posesses  tho  capital  stock  or  assets  nHpiired  by  this 
State;  a  statement  of  its  condition  and  affairs  on  the  preceding  .'Ust 
day  of  December,  verified  by  the  oath  of  its  principal  executive  oflicer  ; 
a  statement  of  the  name  and  place  of  residence  of  some  agent  in  this 
State  upon  whom  proc(>ss  of  law  may  bo  served  in  any  legal  [)roceedings 
against  the  company  :  process  so  served  gives  jurisdiction  over  the 
person  of  such  corporation  or  company.  The  agent  so  appointed  and 
designated  shall  be  deemed  in  law  a  general  agent,  and  must  be  the 
principal  agent  or  chief  manager  of  the  business  of  such  corporation  or 
company  in  this  State.  Any  act,  statement,  reproscmtation,  or  agree- 
ment, done  or  made  by  an  agent  so  appointed  and  designated,  which  in 
any  manner  pertains  to  the  business  of  such  corporation  or  company, 
shall  be  deemed  the  act,  statement,  representation,  or  agreement  of  the 
principal,  and  shall  have  the  same  force  and  elfect  as  if  done  or  made 
by  the  principal.  Any  such  foreign  corporation  or  company  shall,  as 
a  further  condition  precedent  to  the  transaction  of  insurance  business 
in  this  State,  and  in  consideration  of  the  privilege  to  transact  such 
insurance  business  in  this  State,  make  and  file  with  the  Insurance 
Commissioner,  an  agreement  or  stipulation,  executed  by  the  proper 
authorities  of  such  corporation  or  company,  in  form  and  substance  as 
follows  :  "The  (giving  name  of  corporation  or  company)  does  hereby 
stipulate  and  agree,  that  in  consideration  of  the  permission  granted  by 
the  State  of  California  to  it,  to  transact  insurance  business  in  that  State, 
that  in  all  litigation  between  (giving  name  of  corporation  or  company) 
and  any  citizen  of  the  State  of  California,  the  Courts  of  said  State  shall 
have  and  maintain  exclusive  jurisdiction  of  such  litigation.  And  it  is 
further  agreed  that  no  action  hereafter  commenced  in  any  District 
Court  of  said  State  of  California  against  (insert  name),  shall  be  removed 
or  transferred  therefrom  to  the  United  States  Circuit  Court." 

Every  such  company  must  also  file  with  the  Insurance  Commissioner 
a  bond  signed  by  an  o^cer  or  agent  of  the  company,  with  two  sureties 
to  be  approved  by  the  Insurance  Commissioner,  in  the  penal  sum  of 
two  thousand  dollars,  conditioned  that  the  company  or  agent  will  pay 
to  the  proper  officer,  quarterly  in  advance,  such  licenses,  fees,  or  taxes, 
as  shall  be  imposed  by  law,  that  such  company  or  agent  will  pay  to  the 


•ACggrtBifisKr-M.afiMifcMt'aw^wKj-iiTt'Ta'iW'^^ 


s..je-:^L:-^  ^=;aa5ta)itaa»Gfri^ia^«as" 


8 


HTATUTK    UKylMllKMKNTH. 


Btato  all  stamp  and  otiior  diitit*  iinpowMl  by  law,  in  \ho  turn-  and 
luiiniitn-  |in'Hcrilic(l  liy  law  ;  inid  lliiit,  sncli  ciiiiiiniiiy,  <>r  iip-nt,  will 
conl'urm  to  all  tlio  pnjvisions  of  law  inndu  to  j^'oycni  tlicin.  (Tlio 
j^onoral  aumit  is  rt^quirt'd  to  uxecuto  and  iiln  tliin  bond.)  Kvory 
coiii|mny  must  al-i  tilo  with  tlio  Socrntary  of  Stat<»  within  sixty  days 
after  ciniinrncinK  husincsH  in  this  Statu,  a  writliui  di'siKinition  of  soino 
person  residing  in  tiie  coMiity  in  which  in  tl;.'  principnl  place  of  buHitn-HS 
of  th()  company  in  this  State,  npon  whom  any  process  of  law  relating 
to  such  company  may  bo  sorvcd. 

All  Htatements,  porcontnfjos.  estimates,  payinent.s,  and  caUndations, 
must  be  made  in  );old  coin  of  the  I'luteil  Slates. 

Certificates  and  Agents.— Kvo.-y  company  must  procun*  from 
tlu>  insurance  Commissioner  a  certi(icat(M)f  authority  before  transact- 
ing business  in  this  StaUs,  anil  all  policies  is,s\ie(l  or  roneweil  before 
obtaining  such  cortificato  arc  mill  and  void.  Such  company  nuist  also 
lie  with  the  Insurance  Commissioner  a  cortidfid  or  vorihed  power  of 
attorney  or  written  authority  to  each  agent  in  this  State.  And  also  in 
crso  of  "any  change  in  agents,  or  in  tln^  powers  of  any  agent,  notice  of 
such  change  nuist  l)e  giv(Mi  the  Commi.ssioner  within  niiuity  days 
thereafter,  and  a  certified  copy  of  any  new  or  further  power  of  attorney 
or  authority  fih>d  with  him  before  the  sam(!  is  acted  under. 

Kvery  agent  thus  appointed  shall  i)rocure  from  the  Conmiissioner 
a  ciM'tiliciite  of  authority  before  transacting  business  in  this  Stat«. 

B(d'ort!  receiving  such  certilicaie,  if  any  such  ag(Mit  shall  have  been 
in  the  employ  of  any  other  company  within  twelve  months,  he  shall 
produce  written  evidence  to  the  Commission(>r  that  all  moneys  he  has 
received  for  any  such  company  have  been  paid  to  it. 

Examinations  and  Impairments.— The  Commissioner,  when- 
over  he  deems  it  necessary,  may  examine  any  company  tran.sacting 
business  in  this  State.  Such  examimvtion  must  be  private,  unless  the 
Commissioner  deems  it  n(U!essary  to  publish  the  result  thereof,  in  which 
case  he  may  publish  the  same;  in  two  newspapers  of  this  State,  o\w  of 
which  nuist  bo  published  in  San  Francisco.  If  any  company  shall  be 
found  to  bo  insolvent,  the  Commissioner  must  revoke  the  certificates 
granted  in  behalf  of  such  company,  and  give  notice  ])y_mail  or  person- 
ally of  such  revocation,  and  cause  notice  thereof  to  be  filed  in  his  office, 
and  published  daily  for  four  weeks  in  some  newspaper  published  in 
.  San  Francisco.  Such  company  must  not  thereafter  issue  any  new 
policies  or  renew  any  previously  issued. 

Any  company  is  insolvent  whcm,  after  providing  for  all  claims  and 
liabihties  outstanding,  and  the  amount  required  by  the  laws  of  this 
State  for  a  re-insurance  fund  or  premium  reserve,  the  capital  stock  of 
such  company  is  reduc;ed  below  two  hundred  thousand  dollars  in  gold 
coin  of  the  United  States,  or  below  sixty  per  cent,  of  the  amount  of 
said  capital  stock  paid  in  cash;  or  if  it  be  a  mutual  company,  if  the 
available  cash  assets  do  not  exceed  its  liabilities  as  aforesaid,  two  hund- 
red thousand  dollars  in  United  States  gold  coin. 

Fire  and  Marine. — Annual  statements  must  bo  filed  on  or  before 
the  first  day  of  March  in  each  year,  and  show  the  condition  and  affairs  of 
the  company  on  the  preceding  31st  day  of  December.     Such  statement 


the  time  mill 
(If  apTit,  will 
I  tlii'in.  (Tln» 
mild.)  Kvory 
hill  Hixty  (layH 

lllltiiitl  of  HOIIIO 

lice  of  biisiiiraH 
>r  law  rt'liitiiig 

d  calculations, 


;  procuro  from 

cforo  transact- 
oricwcil  before 
paiiy  iiiusi,  also 
■iliiid  iiowcr  of 
.  And  also  in 
i^ciit,  notice  of 
n  niiioly  days 
,vor  of  attorney 
1.U-. 

ConimiHsionor 
his  Stato. 
iliall  have  boon 
oiiths,  ho  shall 
nionoys  ho  liaa 

lissioncr,  when- 
my  transacting 
'ate,  unless  tlie 
lereof,  in  which 
is  State,  one  of 
npany  shall  be 

the  certificates 
mail  or  person- 
led  in  his  office, 
!r  published  in 

issue  any  new 

[•  all  claims  and 
le  laws  of  this 
capital  stock  of 

dollars  in  gold 
the  amount  of 
'ompany,  if  the 
ssaid,  two  bund- 
led on  or  before 
on  and  affairs  of 

Such  statement 


BTATUTK    KKgl'IKKMKNTH.  « 

muHt  1)0  publishod  in  a  daily  newspaper  in  the  city  where  the*  principal 
olllce  of  the  coinpanv  is  located  in  this  Stall-,  for  one  week.  The  re- 
insurance fund  shall  he. •oini)uted  at  lifly  per  cent,  of  preiiiiuniB  received 
and  re(M'ivahle  on  nil  lire  risks  an<l  marine  linic  risks  ;  the  entire  pre- 
mium  received  on  aU  iiiiexiiiriul  marine  and  inland  navigation  risks  ; 
and  ninety-dvo  per<'ent.  of  preniiums  on  perpetual  lire  risks.  No<'om- 
paiiy  can  take  any  one  risk  in  excess  of  one-tenth  jiart  of  its  capital 
aiUiially  paid  in  and  iniact  at  the  time  of  taking  such  risk,  without  re- 
insurance of  the  excess. 

Life.—Anniial  siateinenls  must  be  liled  on  or  bc^fore  tlie  first  day 
of  March  in  eadi  year,  and  show  ihe  coiiditiuu  and  alTairs  of  the  coin- 
jiany  on  the  preceding  iiistdayof  December.  Such  statement  must 
be  published  for  one  week  in  a  daily  newspaper  published  in  the  city 
where  its  |.rincipal  ollice  is  located  in  this  State. 

Kvery  comiiaiiy  which  iloes  not  furnish  the  Commissioner  a  certifi- 
cate of  valuation  of  its  outstanding  [xdicies  tinule  upon  the  basis  re- 
quired by  tli(!  laws  of  tins  State,  shall,  on  or  before  the  lirst  day  of  Jan- 
uary in  each  year,  furnish  the  Commissioner  with  a  list  of  all  its 
poli(!ioa  outstanding  on  tli(!  preceding  IJlst  day  of  December,  for  the 
purpose  of  valuation. 

All  valuations  shall  be  made  upon  the  basis  of  the  American  Ex- 
perience Table  of  Mortality,  with  interest  at  four  and  one-half  per 
cent,  per  annum,  if  the  ollicial  of  any  State  refuse  to  accc^pt  the  cer- 
tificate of  valuation  of  the  policies  of  any  company  organized  in  this 
Stat(>,  in  lieu  of  a  valuation  of  the  same,  then  the  CominisHioner  shall 
make  a  valuation  of  the  policies  of  all  companies  of  sucli  Stato  doing 
business  in  this  State. 

tJpon  the  written  requisition  of  the  Insurance  (Jomrnissioner  vvevy 
company  must  furnish  him,  at  such  time  as  he  may  designate,  recjuisite 
diita  for  valuing  all  of  its  policies  then  outstanding 

Every  pohcy  of  insurance  must  contain  written  evidence  that  it 
was  issued  in  this  State  ;  any  such  policy  issued  in  this  State  which 
does  not  contain  such  evidence  shall,  at  the  option  of  the  holder,  be 
nvdl  and  void. 

Whenever,  during  tin;  lif(5  of  any  policy  of  insurance,  such  policy 
shall  be  presented  by  the  legal  holder  to  the  company  or  its  ag(mt  for 
payment  or  cancellation,  su(!h  company  must,  within  sixty  day^  tliere- 
after,  pay  to  the  holder  of  such  policy  a  sum  equal  to  seventy-Uve  per 
cent,  of  the  then  present  value  of  such  policy. 

Foreign. Foreign  companies  doing  any  kind  of  insurance  business 

in  this  State,  shall  file  their  annual  stateuKUits  on  or  before  the  first 
day  of  April  in  each  year,  made  up  for  the  year  ending  on  the  pre- 
ceding 31st  day  of  December,  and  shall  pubhsh  the  same  for  one  week 
in  a  daily  newspaper  published  in  the  city  where  the  principal  office  of 
the  company  in  this  State  is  located. 

Licenses. — Municipal  licenses  in  the  city  of  San  Francisco  are 
authorized  by  statutory  provision.  The  licenses  are  establi.';hed  by 
ordinance  of  the  city  and  county  of  San  Francisco.  Each  agent  shall 
pay  for  every  company  represented  by  him,  a  license  as  follows  :  'I'liose 
doing  businesb  to  the  amount  of  fifty  tliousand  dollars  or  over  per 
2 


1  '!«l!l!SaSi58?3V8f*^feS*SS(»«BS*»<*«-'-'»«*'-'" 


10 


STATUTE    BKQUinEMENTS. 


quartor,  one  Imntlrod  dolliirs  por  (quarter.  Those  doing  bus  noss  to 
th<'  amount  of  twonty-fivc  thousand  dollars  per  quarter  and  Liss  tlian 
fifty  th(iiis;ui<l  dollars,  seventy-five  dollars  per  (|nartcr.  Those  doing 
business  to  the  amount  of  ten" thousand  and  less  than  twenty-live  tiiou- 
sand  dollars  per  quarter,  fifty  dollars,  'i'hose  dding  business  to  any 
amount  less  than  ten  thousand  dollars  per  quarter,  twenty-five  dol- 
lars per  quarter. 

Reciprocal  provision  in  reference  to  licenses. 

Fees. All   fees  must  be  paid  in  advance  in  United  States  gold 

coin. 

For  filing  charter,  thirty  dollars. 

li'or  filing  annual  statement,  twenty  dollars. 

For  filing  any  other  paper  required  by  law  to  be  liled,  live  dollars. 

For  agents'  licenses,  one  dollar. 

For  furnishing  copies  of  papers  filed  in  the  oflice  of  the  Commis- 
sioner, twenty  cents  per  folio,   and  for  certifying  such  copies,  one 

dollar. 

For  valuation  of  life  policies,  three  cents  for  each  one  thousand 

dollars  of  insurance  valued. 

The  Commissioner  shall  annually  assess  upon  every  company  doing 
business  in  this  State,  any  excess  of  the  expenditures  of  his  office  over 
its  receipts,  in  proportion  to  the  amount  of  premiums  received  and  re- 
ceivable by  su(;h  companies  respectively  in  this  State,  for  the  year  end- 
ing on  the  preceding  3 1st  day  of  December. 

Also  reciprocal  provision. 

Taxes. — All  taxes  are  collected  under  a  reciprocal  provision  of 
statute. 

Penalties. — One  thousand  dollars  for  failing  to  file  statement  or 
stipulation  prescribed  by  law,  and  two  thousand  <iullars  for  each  month 
any  company  continues  Ixisiness  without  filing  such  statement.  Five 
hundred  dollars  for  failure  to  answer  fully  and  truthfully  in  writing 
the  written  enquiries  of  the  Commissioner.  Ont;  hundred  dollars  for 
issuing  a  life  policy  in  this  State  not  containing  written  evidence 
that  it  is  so  issued. 


CANADA. 
J.  B.  CnKnmuAS,  Supermtende7it  of  Insurance. 

Admission. — Every  comi)any  desiring  to  transact  business  in  the 
Dominion  of  Canada  shall,  before  admission,  file  in  the  Department  of 
the  Minister  of  Finance — 

A  certified  copy  of  its  charter  or  articles  of  association. 

A  statement  of  the  condition  and  affairs  of  such  company  on  the 
31st  day  of  December  preceding,  or  ixp  to  the  usual  balancing  day  of 
the  company.         ;»  . 

A  power  of  attorney  from  the  company  to  its  head  officer  or  agent 
in  Canada,  under  the  seal  of  the  company,  and  signed  by  the  President 
and  Secretary  or  other  proper  officer  verified  by  their  oath,  and  further 


I 


g  t)iis  noss  to 
and  Liss  tlian 
Tliose  doing 
cnty-livc  tlion- 
isiness  to  any 
went)'^-five  dol- 


3d  States  gold 


id,  live  dollars. 

f  the  Commis- 
•li  copies,  one 

one  thousand 

3ompany  doing 

his  office  over 

3ceived  and  re- 

r  the  year  end- 


lil  provision  of 

le  statement  or 
for  each  month 
itement.  Five 
Ailly  in  writing 
red  dollars  for 
dtten  evidence 


ice. 

business  in  the 
Department  of 

[on. 

ompany  on  the 

ilancing  day  of 

oflficer  or  agent 
y  the  Pi'esident 
ith,  and  further 


STATt'VE    liKQinUKMENTS. 


11 


corroborated  on  oath  by  such  officer  or  agent  or  some  jic^rson  cognizant  of 
the  facts  necessary  to  its  ve)-ilicatit)M.  Siicli  jK)wer  of  attorney  must  state 
the  place  in  Canada  where  tlio  head  office  or  agency  is  located,  and 
must  authorize  the  person  therein  named  to  mceive  service  of  prcjcess 
in  Canada  and  declare  tiiat  service  at  such  oflice  or  agency  or  personally 
on  such  Attorney,  shall  be  h^gal  and  binding. 

Duj/acates  of  the  documiuits  requinul  to  Ix!  fdod  with  the  Department 
of  the  Ministtir  of  Kirumce  sh.dl  be  filed  in  the  office  of  the  Superior 
Court  of  Law  or  Equity  in  the  province  in  which  the  head  office  or 
agency  of  the  company  is  locattid  ;  oi-  if  the  chief  agen(;y  be  in  the 
province;  of  Queliec,  with  the  Prothonotary  of  the  .Superior  Court  of  the 
district  in  which  such  chief  agency  is  e.stablished. 

()S'e«  dc/i'isils.^ 

Licenses. ^ — Every  company  before  transacting  business  in  Canada 
shall  receive  from  the  Minister  of  Finance  a  license,  and  shall  give 
notice  thereof  by  publication  in  the  Canada  (laxettc  and  in  at  least  one 
newspaper  in  the  county,  city,  or  place  where  the  chief  agency  is 
established,  which  publication  shall  be  continued  for  four  weeks. 
Licenses  to  Fire  or  Inland  Marine  Insurance  Companies  shall  expire 
on  the  31st  ilay  of  March,  in  each  year,  and  shall  be  renewable  from 
year  to  year. 

Deposits. — Every  Fire  and  Inland  Marine  Insurance  Company 
shall  deposit  with  the  Receiver  General  tins  sum  of  one  hundred  thousand 
dollars  for  the  benefit  of  policy-holders  in  Canada.  Such  deposits  may 
be  made  by  companies  of  the  United  States,  in  United  States  securities. 
If  from  the  annual  statement,  or  by  the  examination  of  the  condition 
of  any  company,  it  appears  that  its  re-insurance  fund  and  liabilities  in 
Canada  exceed  its  assets  in  Canada,  then  the  company  shall  be  called 
upon  at  once  to  make  good  the  deficiency,  and  upon  failure  so  to  do  its 
license  shall  be  canceled. 

Life  Insurance  Companies  are  required  to  deposit  fifty  thousand 
dollars  with  the  Receiver  General  upon  admission  to  do  business,  and 
to  make  additional  deposits  from  time  to  time  sufficient  to  equal  the 
re-insurance  reserve  upon  policies  in  force  in  Canada. 

Fire  and  Marine. — Every  Fire  and  Inland  Marine  Insurance 
Company  must  annually  file  with  the  Minister  of  Finance  in  the  month 
of  January  under  oatli  of  its  chief  agent,  a  statement  of  the  condition 
and  affairs  of  the  company  in  Canada.  Such  company  must  also  file  a 
statement  of  its  general  business  in  such  form  and  to  such  date  as 
may  be  required  by  law  to  furnish  to  the  government  of  the  country 
in  which  its  head  office  is  situate.  No  fire  policy  shall  Ije  issued  for, 
or  extend  over  a  longer  period  than  three  years.  License  issued  to 
such  company  is  void  whenever  written  notice  of  any  undisputed  claim, 
arising  from  any  loss  insured  against  in  Canada  remaining  unpaid  sixty 
days  after  being  due,  or  of  a  disputed  claim  after  final  judgment  is 
served  on  the  Minister  of  Finance  ;  but  such  Ucense  may  be  renewed 
if  such  claims  be  paid  within  sixty  days  thereafter.  Upon  failure  to 
make  such  payment  any  such  company  shall  be  deemed  insolvent. 

Life. — Every  company  shall  annually  make  a  statement  of   its 


j-.«.^>i-i^>^.tAi^*»^*t.«i»*  »:Jj.";  ■ 


12 


STATUTK    KEQUIUEMKNTS. 


condition  and  affairs  verili.ul  l.y  tho  oatli  of  tho  Presi.ont  Manager  or 
T'Zni  HU.'li  c,..„i«uy,  or  of  any  person  cognizant  ot  tho  facte,  teach 
^aio  1'  t  to  ho  nmdo  tV>  tlie  first  (hiy  of  July  preccMling  ..r  to  tho  usual 
tS^\^  day  of  the  con.pa.iy,  and  a  copy  thereof  shall  bo  published 

'"  'toSt^kt^pany  .hall  possess  at  least  one  hundred  thousa,^ 
dollars  n  p  i.d-up  unhnimired  capital,  or  in  accumulated  surplus  funds 
rnvested  1 1  good  and  Sufficient  securities.  License  void,  if  company 
Sllftoimy  losses  within  thirty  days  after  they  are  due,  or  after  iinal 
judgment,  and  company  shall  be  deemed  insolvent. 

Fees — Fire  and  Inland  ComiMincs. 

To  defray  the  expenses  of  the  office  of  Superintendent  of  Insurance 
a  sum  not  exceeding  eight  tliousand  dollars  shall  be  assessed  ^»-a  rata 
upT  the  gross  prerniums  received  by  each  during  the  preceding  year 
Biid  iiaid  UT)on  issue  of  annual  license. 

AlJo  for   recording   and  fihiig  charter,  statement,  and   power  of 

attorney,  ten  dollars. 

For  change  of  attorney,  five  dollars. 

For  license  to  do  business,  five  dollars. 

For  each  renewal  license,  two  dollars. 

For  annual  statements  of  each  company,  two  dollars. 

Penalties.-Transactiug  any  business  without  license  or  without 
filinra^S  papers  required  by  law  or  refusing  or  neglecting  to  make 
Lmmal  statement,  subjects  the  company  or  person  so  violating  the  law 
Xpenat  y  of  one  thousand  dollars.  In  case  of  non-payment  of  such 
penafty?  person  offending  may  be  imprisoned  for  three  or  six  months. 


COLORADO. 

Aeents  -  Each  agent  must  file  a  copy  of  the  charter  of  the  com- 
nanv  IS  he  represents  with  the  clerk  in  each  county  m  which  he 
f:Z  Sil:.ss  witllin  thirty  days  .after  commencmg  busine^^  m  sue 
countv  He  shall  also  give  notice  in  writing  to  such  cleiJi  oi  nu 
appontmentaM  acceptance  of  the  agency  of  each  company  he  repre- 
Snts  w5  notice  shall  be  filed  by  such  clerk  in  lus  office,  and  sha  1 
entitieltle  agent  to  issue  policies  and  transact  the  business  of  insur- 
ance. 

Taxes  -Insurance  companies  shall  annually  at  the  time  of  listing 
be  taS  one  per  cent,  upon  the  amount  of  premmms  received  by 
them  during  tho  year  previous.  Each  agent  shaU  render  a  hst  -  the 
county  in  which  he  does  business,  and  be  personally  hable  foi  the  tax. 


CONNECTICUT. 
John  W.  Stedman,  Insurance  Commissioner. 
Admission.-Every  company  desiring   to  transact  business  in 
thisiSS  bS;  admission   must  possess  the  amount  of  capital  and 


8TATUTK    HEQl'IHEMENTS. 


18 


Manager,  or 
I'ut'ts.  Such 
•  to  tlu^  usual 
bo  published 

rod  thousaTid 

surpUis  funds 

I,  if  ccnipany 

or  after  final 


of  Insurance, 
Bssod  [iro  rata 
receding  year 

md   power  of 


nso  or  without 
ctiug  to  make 
elating  the  law 
lyment  of  such 
or  six  months. 


ter  of  the  com- 
ty  in  wliich  he 
usiness  in  such 
h  clerk  of  his 
ipany  he  repro- 
jffice,  and  shall 
Lsiuess  of  insur- 


B  time  of  listing 
ns  received  by 
ider  a  Ust  in  the 
ible  for  the  tax. 


ner. 


sact  business  in 
it  of  capital  and 


invested  assets  hereinafter  mentioned,  and  must  filo  with  the  tJommis- 

sioner —  i.  ^         ^ 

A  ccn-tiliod  copy  of  its  charter  or  deed  of  .settlement;  a  statement 
under  the  oath  of  the  President  or  Vice-Trcsidont  and  Secretary  of 
the  company,  showing  the  condition  and  affairs  of  tlie  company. 
Such  company  shall  also  ai)point  an  attorney  iu  this  Stat(i  upon  whom 
process  of  law  may  ho  seivod,  and  file  with  the  Coinmissionc^r  a  certi- 
fied copy  of  the  vote  or  resolution  of  the  Directors  of  the  company 
appointilig  such  attorney,  which  appointment  shall  continue  until 
another  attorney  shall  1)0  substituted. 

Certificates  and  Agents.— Every  agent,  before  transacting  any 
business  of  insurance  for  any  company  in  this  State,  must  procure 
from  the  Commis.sioner  a  certilicate  of  authority  stating  that  such 
company  has  complied  with  the  requirements  of  law,  and  the  name  of 
the  attorney  appointed  to  act  for  the  company. 

Life  insurance  companies  and  foreign  companies  must  receive  a 
certificate  or  license  from  the  Commissioner  before  transacting  busi- 
ness in  this  State. 

All  certificates  and  licenses  must  be  renewed  annually  upon  niing 
the  annual  statement  of  the  company. 

Examinations  and  Impairments— The  Commissioner,  when- 
ever ho  deems  it  expedient,  may  exauiine  into  the  condition  and  affairs 
of  any  company  transacting  business  in  the  State.  He  may,  if  he 
deems  it  for  the  interest  of  the  public,  publish  the  result  of  such 
examination  in  one  or  more  nowspapera  i)ublished  m  the  State. 
Whenever  it  shall  appear  from  any  such  examination  or  any  report, 
that  the  affairs  of  any  company  are  in  an  unsound  condition,  the  Com- 
missioner shall  revoke  tlie  certificates  of  authority  or  licenses  granted 
to  or  in  behalf  of  such  company,  and  cause  notice  of  such  revocation 
■  to  be  puljlishiid  in  two  newspapers,  one  printed  in  Hartford,  and  the 
other  in  New  Haven,  at  least  four  weeks. 

Any  fire  or  marine  insurance  company  is  in  an  unsound  condition 
whenever  the  assets  of  such  company,  after  charging  it  with  its  proper 
liabilities  and  the  amount  required  by  law  for  a  re-insurance  fund, 
amount  to  loss  than  three-fourths  of  its  capital  stock.  If  the  assets 
of  any  life  insurance  company  are  not  equal  to  its  liabiUties  and  pre- 
mium reserve,  ascertained  as  required  by  law,  such  company  is  in  an 
unsound  condition. 

Fire  and  Marine.— Every  stock  company  must  possess  a  cash 
capital  of  one  hundred  and  fifty  thousand  dollars,  paid  up  and  se- 
curely invested.  Every  mutual  company  must  possess  one  hundred 
and  fifty  thousand  dollars  in  cash  or  invested  in  available  assets.  An- 
nual statements  shall  be  filed  in  the  month  of  January  of  each  year, 
and  shall  exhibit  the  condition  of  the  company  on  the  preceding  31st 
day  of  December.  ,  t 

The  re-insurance  fund  shall  be  computed  at  fifty  per  centum  of 
the  gross  amount  of  premiums  (less  return  premiums  and  re-insur- 
ance)  received  on  all  fire  risks  in  force  not  perpetual;  nmety-live  per 
centum  of  premiums  on  perpetual  risks  in  force;  one  hundred  per 
centum  of  the  amount  of  premiums  received  on  ocean  marine  risks  m 
force. 


»^a,»^a^»^a»%1i.>^^i»3iWa.^%gaiiwa*i^^»>'^-^^^**'"«*'*' 


14 


STATITE    HKQtllUK.MKNTS. 


Ill  all  insurance  aguiiisi  loss  liy  lire,  the  conditions  of  tho  insnranoo 
shall  ho  stated  in  the  liudy  of  the  policy,  and  no  condition  except 
those  so  stated  shall  he  valid.  No  fire  insurance  company  doing  husi- 
ness  in  this  State  shall  exi)ose  itself  to  loss  upon  any  one  risk  or  haz- 
ard, to  an  amount  exccedinf>'  ten  per  centum  of  its  paid-up  capital. 

Life. — Annual  stalenuMits  shall  he  fihnl  on  or  hefore  the  first  day 
of  Marcli  in  each  year,  showing  the  couilition  of  tlu;  company  on  the 
preceding  iHst  day  of  December. 

>lverv  company  which  does  not  furnish  the  certilicate  hereinafter 
mentioned,  must  furnish  a  descriptive  list  of  all  its  outstanding  poli- 
cies and  contracts  of  insurance.  Such  policies  and  contra(;ts  shall  bo 
annually  valued  by  the  (Jommissioner.  In  making  such  valuaticm  he 
shall  assume  the  rate  of  mortality  shown  by  the  Actuaries'  or  Gom- 
hined  K.xi)erience  Table,  with  compound  interest  at  Tour  per  cent.,  and 
he  shall  value  only  net  premiums.  The  (Joinmissioiier  shall  accept  a 
cei'tilicate  of  valuation,  made;  U]>()n  the  standard  provided  by  the  laws 
of  this  State,  from  the  proper  official  (jf  the  State  where  the  company 
is  organized,  in  lieu  of  making  such  valuation,  if  such  official  will 
accept  the  certificate  of  valuation  of  the  Commissioner  of  this  State 
in  reference  to  companies  of  this  State  doing  business  in  su<>h  other 
State. 

Foreign. — Every  foreign  insurance  company  doing  business  in 
this  State,  must  possess  a  cash  capital  of  more  than  two  hundred 
thousand  dollars,  and  must  deposit  with  the  Treasurer  of  this  State  or 
the  local  public  officer  of  some  other  State  of  the  United  States,  not 
less  than  two  hundred  thousand  dollars  in  the  bonds  of  this  State,  of 
the  States  of  New  York  or  Massachusetts,  or  of  the  United  States,  to 
be  held  in  trust  for  the  benefit  and  security  of  the  policy-holders  of 
siich  company  in  the  United  States.  A  certificates  showing  such  de- 
posit, under  the  hand  and  seal  of  the  officer  holding  the  same,  shall 
be  filed  with  tlie  Commissioner.  The  capital  of  such  comi)any  in  the 
United  States,  is  the  aggregate  value  of  such  securities  as  such  com- 
pany shall  have  on  deposit  with  tho  officers  of  the  several  States  for 
the  benefit  of  its  policy-holders,  and  all  the  other  assets  and  property 
of  the  company  in  the  United  States,  which  are  vested  in  and  held 
by  Trustees,  citizens  of  the  United  States  approved  by  the  Commis- 
sioner, for  the  gtmeral  benefit  and  security  of  all  policy-holders  and 
.  creditors  of  the  company  in  the  United  States,  after  deducting  from 
the  aggregate  value  of  such  deposits  and  of  such  assets  held  in  trust, 
all  the  liabilities  of  the  company  in  the  United  States,  including  a  re- 
insurance fund,  computed  as  required  by  law.  A  copy  of  the  trust 
deed,  and  of  tlu;  vote  of  the  board  of  directors  appointing  such 
Trustees,  shall  be  filed  with  the  Commissioner. 

Annual  statements  of  the  affairs  of  such  company  in  the  United 
States  shall  lie  filed  with  the  Commissioner  in  the  month  of  January 
in  each  year,  and  shall  contain  in  detail  the  items  constituting  the 
capital  of  the  company  and  the  deductions  to  be  made  therefrom,  sub- 
scribed and  verified  by  the  oath  of  the  agent  or  attorney  of  the  com- 
pany in  the  United  States.  The  Commissioner  shall  annually  issue  to 
such  company  a  certilicate  showing  the  amount  of  its  so  determined 
capital. 


c  .'ff-'tfjcgagb.  -MunE-TS'* 


till"  inmiranoe 
lition  ('x<"(^[)t 
y  (Idiiip  Imsi- 
!  risk  iir  liaz- 
ip  ciipitiil. 

'  tlic  first  (liiy 
npaiiy  '>n  tho 

(>  hereinafter 
taiuliiifz;  poli- 
ra(!ts  sliall  be 

vahirttion  lie 
Ties'  oi'  Cdin- 
per  cent.,  and 
iiiall  iu'cept  a 
i  Ijy  the  laws 

the  company 
:h  official  will 

of  this  State 

in  such  other 


g  husiiiosH  in 
two  hundred 
[  this  State  or 
^d   States,  not 

this  State,  of 
ited  States,  to 
licy-holders  of 
A'ing  such  do- 
;he  same,  shall 
)mi)auy  in  the 
!  as  sucli  com- 
jral  States  for 

and  projierty 
1  in  and  held 
V  tho  Coininis- 
•y-holders  and 
^ducting   from 

hehl  in  trust, 
including  a  re- 
y  of  the  trust 
pointing   such 

in  the  United 
til  of  January 
instituting  the 
herefi'oin,  sub- 
[■y  of  the  com- 
nually  issue  to 
so  determined 


8TATIITK    HEgriRKMENTS. 


16 


Fees. — For  valuation  of  life  insurance  policies,  one  cent  for  each 
thousand  dollars  of  insurance  valued. 

For  liiing  any  paper  requircMl  by  law  to  l)e  filed,  twenty-five  cents. 

For  ci^rtiHcuite  of  valuation,  copy  of  report,  or  certificate  of  condi- 
tion of  company,  five  dollars. 

Foreign  companies  and  their  agents  shall  pay  the  fees  required  of 
the  insurance  companies  of  the  State  of  New  York,  and  an  annual 
license  fee  of  fifty  dollars. 

Reciiirocal  provision. 

Taxes. — Every  agent  shall  make  a  return  under  oath  annually 
on  the  lirst  day  of  January  to  the  Commissioner,  of  tlu!  gross  amount 
of  premiums  collected  the  year  previous,  and  upon  receiving  from 
the  Commissioner  a  certilicate  of  the  acccjitance  of  such  return  and 
the  amount  of  tax  due  thereon  under  the  provisions  of  the  reciprocal 
law,  shall  pay  tho  same  on  or  before  the  20th  day  of  January,  to  the 
State  Tnnisurer. 

Agcmts  of  companies  of  foreign  countries  shall,  on  such  gross 
premiums  so  returned,  pay  on  or  before  the  2()tli  day  of  October,  to 
the  State  Treasurer,  a  tax  of  two  per  cent. 

Penalties. — Every  agent  of  any  (ire  or  marine  company  trans- 
acting business  in  violation  of  law,  is  subject  to  a  penalty  of  one 
hundred  doUai's  for  each  offense. 

Any  foreign  conii)any  or  agent  thereof  transacting  business  in 
violation  of  law,  is  subject  to  a  penalty  of  five  hundred  dollars  for 
each  offense. 

Every  officer  or  agent  of  any  life  insurance  company  transacting 
business  in  violation  of  law,  shall  be  subject  to  a  fine  not  less  than 
one  hundred  dollars  nor  more  than  five  hundred  dollars  for  each 
.  offense. 

DELAWARE. 

Certificates  and  Agents. — Every  agent  must  procure  a  license 
from  the  Clerk  of  the  Peace  in  the  county  in  which  his  office  is  located, 
who  shall  be  entitled  to  fifty  cents  for  issuing  the  same.  Service  of 
process  may  be  made  upon  any  agent. 

Licenses  and  Fees. — Every  agent  must  pay  a  yearly  license  of 
fifty  dollars. 

Taxes. — Every  agent,  at  the  time  of  obtaining  his  license  each 
year,  shall  furnish  the  VAerk  of  the  Peace  a  statement  under  oath, 
showing  the  amount  of  premiums  received  and  assessments  collected 
within  the  State  during  the  year  preceding,  and  shall  pay  a  tax  of  two 
and  one-half  per  cent,  upon  the  amount  of  such  premiums  and  assess- 
ments. 

Penalties. — Agents  doing  business  without  license  are  liable  to  a 
fine  not  exceeding  five  hundred  dollars,  or  imprisonment  not  exceed- 
ing two  yc^ara.  or  both. 

Every  agent  neglecting  to  pay  taxes  for  thirty  days  after  the  same 
are  due,  shall  forfeit  the  sum  of  two  hundred  dollars. 


16 


STATIITK    KKqillKKMKNTH. 


f 


FLORIDA. 

State  Treasiher,  Comptuollkk,  Attorney  General,  Board  of 

Insurance  Commissioners. 

Admission. — Every  company  ilcsiniig  to  transact  business  in  this 
State,  must,  Iwfore  adiai'ssion,  furnisli  tlie  State  Treasurer — 

A  copy  of  its  cliarter  or  act  of  incorporation. 

A  statement  under  the  oath  of  tlio  I'resi.lent  or  Vice-President 
and  Secretary  of  the  company,  showing;  th(^  name,  location,  capital 
stock,  assets,  and  liabilities  of  tlie  company. 

A  written  agreement  under  the  seal  of  the  company,  signed  by  its 
Prt>sident  and  Secretary,  agreeing  thn*  service  of  process  in  any  civil 
action  against  such  company  nuiy  be  made  upon  any  agent  of  the  com- 
pany in  this  State,  and  authorizing  each  agent,  for  and  in  belinlf  of 
the  company,  to  admit  s(>rvice  of  process,  an<l  agreeing  that  service  of 
process  upon  any  agent  shall  be  as  valid  and  binding  upon  the  com- 
pany as  if  made"  upon  the  President  or  Secretary  thereof. 

Certificates  and  Agents.— Every  comfiany  before  transacting 
any  business  in  this  State,  shall  procure  from  tlie  State  Treasurer  a 
certiiicate  of  authority,  which  shall  be  renewed  annually  in  January. 

Every  agent  shall  i)rocuie  a  license  for  each  company  represented 
by  him. 

If  any  company  fails  to  pay  any  judgment  rendered  against  it  in 
this  State,  an  execution  liaving  been  issued  thereon  and  returned  un- 
satisfied, the  Treasurer,  when  furnished  with  a  properly  certilied  copy 
of  the  record,  shall  forthwith  r(;voke  all  certificates  of  authority  and 
licenses  to  transact  business  in  this  State  granted  such  company,  and 
shall  publish  notice  of  such  revocation  in  a  newspaper  published  in 
Tallahassee  or  Jacksonville,  for  at  least  one  week.  Siich  company 
shall  not  transact  any  further  business  in  the  State  until  such  judg- 
ment and  all  fees  and  expenses  are  paid. 

Examinations  and  Impairments. — It  is  the  duty  of  the  Board 
of  Insurance  Commissioners  to  examine  into  the  affairs  of  any  com- 
pany doing  business  or  applying  to  do  business  in  this  State,  and 
whenever  the  Treasurer  shalldeem  it  for  the  interest  of  'the  public  so 
to  do,  he  may  publish  the  result  of  such  examination  in  one  or  more 
.  newspapers  of  the  State.  Whenever  any  company  shall  be  found 
upon  such  examination  to  be  in  an  unsound  condition,  the  Board  of 
Insurance  Commissioners  shall  revoke  the  certificate  of  authority 
granted  such  company,  and  shall  cause  notice  thereof  to  be  published 
in  some  newspaper  published  at  the  Capital. 

Fire  and  Marine. — Every  company  must  possess  at  least  one 
hundred  and  fifty  thousand  dollars  in  value  invested  in  United  States 
or  State  bonds,  or  other  bankable  interest-bearing  stocks  of  the  United 
States.  Annual  statement  must  be  tiled  in  the  month  of  January  in 
each  year. 

Life. — Ever\  company  must  possess  one  hundred  thousand  dollars 
in  United  States"  or  State  bonds,  or  other  bankable  interest-bearing 


^•mi^n^AMiii^i^itm.; 


,.iiaa=!9nnJ^»(V»a(K>W«biKiWi>^<>^se^i:^^  ' 


STATUTK    UKgi'IUKMKNTS. 


17 


I,,    Biinrd  nf 

)usine88  in  this 
3r — 

Vice-Prosidont 
cation,  capital 

,  signed  by  its 
)ss  in  any  civil 
■nt  of  the  com- 
d  in  bolialf  of 
that  s<'rvice  of 
ipon  tho  coin- 
E. 

ire  transacting 
ito  Ti'easurer  a 
ly  in  January, 
ny  rcprcsontod 

1  against  it  in 
1  returned  un- 
•  certified  copy 
authority  and 
company,  and 
r  publislu^i  in 
Siicii  company 
ntil  such  judg- 

;y  of  the  Board 
rs  of  any  com- 
his  State,  and 
f  'the  public  so 
in  one  or  more 
jliall  be  found 
,  the  Board  of 
3  of  authority 
to  be  published 

!S  at  least  one 
1  United  States 
s  of  the  United 
I  of  January  in 

lousand  dollars 
interest-bearing 


stocks  of  tho  United  States  at  tlioir  market  value,  cjr  in  mortgages  on 
uiiincumlicred  real  estate  worth  double  the  amnunt  IojiikmI  tiiercon. 
Annual  statements  must  be  tiled  in  the  montli  of  January  in  each 
year. 

Fees. — For  filing  each  statement,  five  dollars. 
For  licenses  to  agents,  ten  dollars. 

Deposits. — Act  approved  January  '27th.  1H71,  provid(Ml  for  a 
deposit  of  tiiirty  thousand  dollars  with  tho  State  Treasurer  for  protec- 
tion of  cilizciis  of  this  State.  Act  approved  February  'J7lh,  1H72, 
providing  that  any  company  possessing  a  fixed  amount  of  assets  may 
be  admitted  to  do  business  in  this  State,  apparently  repeals  the  require- 
ment of  a  deposit. 

Penalties. — Every  company  wilfully  making  a  false  return  or 
statement,  shall  bi;  liable  to  a  fine  not  less  than  five  hundred  nor  more 
than  five  thousand  dollars. 

Any  person  violating  any  of  the  provisions  of  law  relating  to  insur- 
ance, shall  be  fined  not  exceeding  one  thousand  dollars,  or  imprisoned 
not  more  than  six  months,  or  both. 


Mt>^.i^'m..MtM^ 


GEORGIA 

W.  L.  GoLD.SMiTn,    Comptrolkr  General. 

Admission. — Every  company  desiring  to  transact  business  in  this 
State,  shall,  before  admission,  file  with  the  Comptroller  General — 

A  certified  copy  of  its  charter  or  act  of  incorporation;  a  statement 
under  oath,  showing  tho  name  and  location  of  the  company,  and  its 
condition  on  the  3 1st  day  of  December  then  next  preceding. 

Certificates  and  Agents. — The  Comptroller  General  shall  issue 
to  all  companies  complying  with  the  provisions  of  law,  and  to  all 
agents  such  companies  may  appoint  and  commission,  certificates  of 
authority  to  transact  business  in  this  State,  which  shall  be  renewed 
annually.  Every  agent,  before  transacting  business  in  this  State,  must 
procure  a  license. 

Fire,  Marine,  and  Life. — Every  company  must  possess  at  least 
one  hundred  thousand  dollars,  invested  in  bonds  and  stocks,  estimated 
at  their  market  valvie,  or  in  mortgag(;s  on  real  estate,  worth  double  the 
amount  for  which  the  same  is  mortgaged.  Annual  statements  shall  be 
filed  on  the  first  day  of  January  in  each  year,  or  within  sixty  days 
thereafter. 

Fees. — For  filing  each  statement  of  the  company,  seven  and  one- 
half  dollars. 

For  certificates  to  agents,  two  and  one-half  dollars.  Also  reciprocal 
provision  in  reference  to  fees. 

Taxes. — Every  company,  and  the  agents  of  every  foreign  com- 
pany, must  make  a  written  return,  under  the  oath  of  the  presiding 
officer  of  the  company,  or  such  agent,  to  the  Comptroller  General,  on 
3 


18 


MTATl'TK    UKlJinKKMKNTS. 


or  lioforo  the  first  dny  of  May  in  each  year,  Hhowinp;  tlu'  total  amount 
of  prciniuniH  received  in  tlie  State,  ami  pay  on  or  before  the  lirst  (lay 
of  Octohcr  in  eacii  year,  a  tax  of  one  per  cent,  theroon.  Also  recipfo- 
cal  provision  in  reference  to  taxes. 

Penalties. — All  persons  convicted  of  violating  ^^y  "^  t^^"  P'""' 
visions  of  law  relatinj!;  to  insurances  shall  Ik*  lined  not  less  than  one 
hundred  dollars,  nor  more  than  live  hundred  dollars. 

For  default  in  payment  of  taxes,  five  hundred  dollars. 


ILLINOIS. 

C.  E.  LiiTiNcoTT,  Auditor  of  Public  Accounts. 

Admission. — Every  company  dosirinp;  to  transact  business  in  this 
State,  before  admission  must  file  with  the  Auditor  oi.  Public  Accounts— 

A  certified  copy  of  its  charter  or  deed  of  settlement. 

A  statement  under  the  oath  of  the  President  or  Vice-President,  or 
other  chief  officer  and  Secretary  of  the  (Company,  showing  the  name 
and  location  of  the  company,  the  amount  of  its  capital,  and  its  assets 
and  liabilities,  in  detail. 

A  copv  of  the  last  annual  report,  if  any,  made  under  the  law  of  the 
State  by  which  such  company  was  incorporated.  Such  company  shall 
appoint  an  attorney  in  this  State  on  whom  process  of  law  can  be  served, 
and  file  in  the  office  of  the  Auditor  a  written  instrument,  duly  signed 
and  sealed,  certifying  such  appointment,  which  shall  continue  until 
another  attornt-y  shall  be  substituted. 

Certificates  and  Agents.— Every  agent,  before  transacting  any 
business  in  this  State,  must  procure  from  the  Auditor  a  certificate  of 
authority,  showing  that  the  company  for  which  he  acts  has  complied 
with  all'tlK!  requirements  of  law,  and  stating  the  name  of  the  attorney 
appointed  to  act  for  such  company,  which  certificate  shall  l)e  renewed 
annually.  Every  agent  of  a  Fire  or  Marine  Insurance  Company,  in  all 
advertisements  of  such  agency,  shall  publish  the  location  of  the  company, 
giving  the  name  of  the  city,  town,  or  village  in  which  the  conapany  is 
located,  and  the  state  or  government  under  the  laws  of  which  it  is 
organized.  Every  agent  of  a  life  insurance  company  shall  exhibit,  in 
conspicuous  letters,  on  the  sign  designating  his  place  of  business,  the 
name  of  the  State  under  whose  authority  the  company  is  incorporated, 
and  shall  print  the  name  of  said  State,  in  large  type,  upon  all  policies 
issued  in  this  State,  and  on  all  placards,  pamphlets,  and  circulars 
published,  issued,  or  circulated  in  this  State,  relating  to  the  business  of 
such  company. 

Examinations  and  Impairments.— It  is  the  duty  of  the 
Auditor,  whenever  he  deems  it  expedient,  to  examine  into  the  affairs 
of  any  company  transacting  business  in  this  State.  Whenever  he  shall 
deem  it  for  the  best  interest  of  the  public,  he  shall  publish  the  result 
of  such  examination  in  one  or  Tnore  papers  in  this  State.  If  it  shall 
appear  from  such  examination  that  the  affairs  of  any  company  are  in 
an  unsound  condition,  the  Auditor  shall  revoke  the  certificates  granted 


^a^:^f:j,igPirfpi!fBg,m»imiia-r0»a&ia6m¥r^.ssi^s^ti^  - 


STATIITK   nKQUIREMRNTH, 


19 


K"  total  amount 

re  tho  tirat  day 

vMso  recipfo- 

iny  of  tho  pro- 
;  less  tliaii  ones 

rs. 


Its. 

business  in  this 
blic  Accounts — 

Cf-Prosident,  or 
wing  the  name 
1,  and  its  assets 

r  the  law  of  the 
li  company  shall 
IV  can  1  le  served, 
ent,  duly  signed 
1  continue  until 


!  transacting  any 
r  a  certificate  of 
:ts  has  complied 
!  of  the  attorney 
hall  1)6  renewed 
Company,  in  all 
L  of  tho  company, 
1  the  company  is 
s  of  which  it  is 
shall  exhibit,  in 
of  business,  the 
r  is  incorporated, 
upon  all  policies 
ts,  and  circulars 
,0  the  business  of 

le  duty  of  the 
e  into  the  affairs 
nienever  he  shall 
publish  the  result 
Itate.  If  it  shall 
f  company  are  in 
jrtificates  granted 


in  behalf  of  such  company,  and  cause  notice  of  such  revfx'alion  to  bo 
publisli.Ml  111  a  newspapcr'of  general  circulation,  publiHlied  in  the  city 
of  Springfield,  and  mail  a  copy  thereof  to  each  agent  of  tlui  comijauy. 
No  lire  or  marine  company  nm  transact  business  in  this  State  it  its 
capital  is  impaired  to  the  extent  of  twenty  per  cent.,  while  such 
impairin.Mit  shall  exist,  l.ife  companies  must  possess  asscits  e.iual  to 
their  outstanding  liabilities  and  premium  reserve,  ci>mputed  as  re(iuired 
by  law. 

Fire  and  Marine.— Eveiy  lin;  and  marine  company  doing  busi- 
ness in  Chicago,  must  possess  a  paid-up  cash  capital  of  not  less  than 
one  hundred  and  fifty  thousRiid  dollars,  and  doing  business  in  any 
other  part  of  the  State,  must  possess  a  pai<l-up  cash  capital  of  not  less 
than  one  hundred  thousand  dollars.  Annual  statements  must  be  hied 
on  the  first  day  of  .January  in  each  year,  or  within  thirty  days  there- 
after, showing  the  condition  of  tli(>  company  on  the  preceding  .'Ust  day 
of  December.  The  Auditor  shall  cause  such  annual  statements  to  bo 
puWshed  in  two  daily  newspapers  of  general  circulaticju,  not  less  than 
fifteen  davs.  (>ne  of  said  newspapers  shall  be  pubUsluid  in  Chicago, 
and  tlie  otlusr  in  Springfield.  The  reinsurance  fund  is  computed  at  the 
gross  amf)unt  of  unearned  premiums  on  unexpired  risks. 

Companies  doing  business  in  this  State  are  not  jiermitted  to  assume 
any  one  risk  greater  than  ten  per  cent,  of  their  paid-up  capital. 

Life. Every  life  insurance  company  doing  business  in  this  State, 

must  possess  actual  assets  to  the  amount  of  at  least  one  hundred 
thousand  dollars,  properly  invested.  Annual  statements  must  be  filed 
on  or  before  the  first  day  of  March  in  each  year,  shi)wing  the  standing 
and  affairs  of  the  company  on  the  preceding  31st  day  of  December. 
The  Auditor  for  good  and  sufficient  reasons,  may  extend  the  time  for 
fiUng  such  statements.  Tho  Auditor  shall  cause  such  statements  to  be 
published  in  two  dailv  newspapers  of  general  circulation,  not  less  than 
one  month.  One  of 'said  iiewspapera  shall  be  published  in  Chicago, 
and  the  other  in  Springfield.  i  •.        ^ 

If  any  company  shall  transact  business  m  this  State,  and  its  out- 
standing policies  are  not  valued  by  the  insurance  department  or 
proper  officers  of  any  other  State,  the  Auditor  shall  make  a  valuation 
of  the  policies  of  such  company.  The  basis  of  such  valuation  shall  be 
the  Actuaries  or  Combined  Experience  Table  of  Mortality,  with  interest 
at  four  per  centum  per  annum. 

Foreign.— Every  foreign  company  shall  either  file  with  the 
Auditor  a  certificate  from  the  Superintendent  of  the  Insurance  Depart- 
ment of  some  other  State,  showhig  that  a  deposit  of  securities  to  the 
amount  of  two  hundred  thousand  dollars  has  been  made  by  such  com- 
pany in  that  State,  for  the  protection  of  its  policy-holders  m  the  United 
States,  which  certificates  shall  be  rcmewed  annually,  or  such  company 
shall  deposit  with  the  Auditor  securities  to  the  amount  of  two  hundred 
thousand  dollars,  for  tho  general  benefit  and  security  of  policy-holders 
residing  in  the  United  States.  Annual  statements  must  be  filed  on  the 
first  dav  of  January  in  each  year,  or  within  thirty  days  thereafter, 
showing  tho  condition  and  affairs  of  the  company  on  the  preceding 
30th  day  of  September. 


20 


STATriK    llK.yUlUEMKNl'H. 


I 


Supi.l.'.n..ntary  annual   sUttonumts,   duly   vontuM      .y  the  res  den 
manager,  showi.ig  M.o  investnuutH  and  conditu.n  .>1  the  .•n.upany 
the   Uni.ed  States  on   the  p-vcedinK  :UHt  .lay  of  I'S''-''"'';  ^^'"^     ''' 
filed  on  the  lirst  day  in  January  in  each  year    or  witlun  tluty  days 
K,reafter.     lAMvi^n  lifo  .•onipanies  shall    (ih-  Iheu'  annual  statenu-nts 
on  or  Ltore  the  first  .lay  of   April  i.,  .■a,=h  y.3ar,  shouuiK  iheir  ccu.h- 
tion  on  the  proce.ling  aist  day  of  Ueceraber. 

Fees.— For  filing  certified  copy  of  elmrter  or  <leed  of  settlement, 

tiiirty  dollars. 

For  filing  annual  statement,  ten  doliars. 
For  each  ag.'ut's  certifi.-at.-  ..f  authority,  two  dollars 
For  copies  tf  papers  on  file  in  the  ofli.H,  of  the  .Au.h.or,  per  foho, 
twenty  cents,  and  for  affixing  the  official  seal  to  such  copy  a...l  ceiti- 
fviiur  the  same,  on.s  dollar.  , 

^   JA,r  valuation  of  lif.-  policies,   three  cents  for  each  one  thousand 
dollars  of  insurance  valued.  _ 

For  examinations,  the  actual  expenses  incurred.  ^      ..^  .,^^ 

Also  a  reciprocal  provision  in  reference  to  foes,  greater  than  those 
herein  given. 

Taxes— Every  agent  of  anv  lire  or  marine  company  shall,  annu- 
ally STe"  month  of  flay,  return  to  the  proper  officer  of  the  countj. 
town,  or  municipality  in  which  his  office  is  located,  the  amount  of  his 
net  receipts  as  such  agent,  which  shall  be  -"te^-l  upon  the  tax  o 

such  town,  county,  or  municipality,  an.l  be  subject  to  the  same  late  of 
Sat  on-State,  cmmty,  town^  and  n.unicipal-for  all  purposes  as  per- 
sonal proi.erty  is  subject  to,  at  the  place  where  such  agency  is  I. catAMl. 
Such  £^  in  lieu  of  all  to^n  ami  municipal  hcenses,  except  that  c.ties 
havin  ^  an  organized  lire  department  may  levy  a  tax  or  l.cens..  fee,  no 
exceediuK  two  per  cent,  upon  the  gross  premium  rec.-.pts  ot  any  such 
coS^pa.l^in  such  city,  to  be  applied  exclusiv.^ly  to  the  support  of  the 

^''l^a  m"procal  provision  in  reference  to  taxes  greater  than  those 
imposed  })y  the  laws  of  this  State. 

Penalties.-Every  fire  or  marine  company  failing  to  file  state- 
me.as  as  required  by  law,  or  to  answer  any  enquiry  made  by  the 
Au  I  tor,  shall  be  subject  to  a  penalty  of  five  hundred  '1^^  ^^^•^;  J")'  ^^ 
additional  penaUv  of  five  hundred  dollars  for  every  month  such  com- 
pany shall  continue  thereafter  to  transact  l)i^iness  in  this  State 

Any  violation  of  any  of  the  provisions  of  th.5  laws  reflating  to  in- 
surance, shall  subject  the  offender  to  a  penalty  of  five  hundred  dollais 

*"'  Evt/ufe  company  neglecting  to  file  a  statement  within  the  time 
prescS  by  law  shall  be  subject  to  a  line  of  one  hundred  dollars  each 
day  such  neglect  continues. 


«-iWBi«tfi#4ns9»« 


.a,%i,«5i*«!.C»<»i«»»»«K'' 


L 


»y  the  rtjsidtmt 

lie  cniinuiny  in 
(!iiil)fr,  Klmll  ho 
hill  1-liirty  tlaya 
mill  statemt'iits 
[n^i  their  co.idi- 

il  (if  settloment, 


1(1  it  or,  per  folio, 
copy  aiitl  cfrti- 

Il  onu  thousand 


eator  than  those 

)any  shall,  anim- 
r  of  the  county, 
n  aiiiomit  of  his 
ri  tlio  tax  lists  of 
tho  same  rate  of 
purposes  as  per- 
,gency  is  locateil. 
3xcept  that  cities 
r  license  fee,  not 
■ipts  of  any  such 
e  support  of  the 

reater  tlian  those 


ing  to  file  state- 
ry  made  by  the 
i  dollars,  ami  an 
month  such  com- 
this  State. 
iTs  relating  to  in- 
3  hundred  dollars 

it  within  the  time 
idred  dollars  eacli 


HTATUTK    HKQIIIHKMKNTH. 


21 


INDIANA. 
Jamks  a.   Wii.DMAN,  Auditor  <•/  State. 
Admi8sion.~-Kvery   .-ompany   d.^siring   to   transact    l.usiness    in 
this  Stat.-,  must,  l.efon,  admission,  possess  at  l.'ust  on.;  hui..  ivd  tliou- 
sand  dollars,  actual  capital,  invested  in  the  stocks  ..r  Inmds  ol  the  I  nite. 
States,  nr  of  th.-  various  States.  ..r   in  honds  secured  l.y  mortgages  of 
unencumheivd  real  estate,  worth  do.iiae^  the  amount  ol  such  mortgage. 
Such  company  sliall  also  lile  witli  the  .Vuditor—  ,      .         f         ,, 

A  certified  copy  of  the  act  of  incorporation,  or  charter  o[  such 

''""'naternent.  under  the  <mth  of  the  President  or  Secretary  of  the 
ccmipany,  showing  the  name,  location,  capita!  stock,  and  condition  ot 

^'''' A  wrS  instrument,  under  the  seal  of  the  company,  signed  by  the 
rresLOi-t.t  and  Secretary,  authorizing  the  agent  of  the  comi.any  to  ac- 
km.wledge  service  of  process  for  and  in  behalf  ot  the  company,  and 
c^isenlin^  that  service  of  process  upon  su.^h  agent  shall  be  taken  and 
hiM  to  be  as  valid  as  if  served  upon  the  comi>any,  according  to  the 
laws  of  this  or  any  other  State,  and  waiving  all  claim  of  error  by  reason 
of  such  service. 

Certificates  and  Agents.-Every  agent,  before  transacting  busi- 
ness siiall  procure  from  the  .\iiditor  a  certihcate  of  authority  which 
shall  be  renewed  semi-annually,  upon  filing  with  the  .\u.htor  the  semi- 
annual statement,  us  requiivd  by  law.  The  agents  shall  Ide  such  cer- 
tificate  to..vther  with  a  certified  copy  of  the  statement  on  which  it  was 
o  tat;.  ,  with  the  Clerk  of  the  Circuit  Court  of  the  countv  m  which 
his  office  is  located,  who  shall  preserve  the  same  for  public  inspec  ion. 
If  anv  cimipanv  shall  sustain  any  loss  upon  policies  issued  m  this  htatc 
it  is  the  dutv  of  the  agent  by  whom  the  insurance  was  made  to  retrain 

in  his  hands  all  moneys  bol<-"gi»g  ^'^  ^'''^^' ^'""{l'^'^  Y  '  i."Susied 
be  or  thereafter  come  into,  his  possession,  until  such  loss  is  adjusted 
and  paid.  The  insured  who  has  suffered  a  loss  may  also  notify  any 
X  agent  of  such  company  thereof,  who  shall  n  like  manner  retam 
a  I  monkey  belonging  to  such  company  which  is  then  in  or  sh.dl  there- 
a  tcu-confe  into,  liislmnds.  If  suit  be  commenced  ^Y /!'<;  P'^^y  insum 
against  the  company,  the  agent  may  deposit  in  court  ^l"^';^;;  t^;,'^ '  ^  "^ 
mentioned  in  the  policv,  to  abide  the  event  of  the  suit ;  or  if  the  paity 
sur  d  ;^ndl  notcommencH.  suit  within  ninety  days  after  the  agent 
shall  have  given  written  notice  to  him  that  such  loss  will  not  be  pa  d, 
the  agent  may  thereafter  pay  over  the  money  m  his  hands  to  the  com- 
pany. 

Fire  Marine,  and  Life.-Statements  shall  be  filed  with  the  Au- 
ditor semi-annually,  in  the  months  of  January  and  July. 

Foreign  —Foreign  companies  must  possess  one  hundred  thousand 
dollars,  hcfd  within  the  United  States  by  a  citizen  or  citizens  thereof 
as  the  agent  or  agents,  trustee  or  trustees  of  such  company  for  the 
protection  and  benefit  of  its  policy-holders  within  the  United  States. 


22 


HTATIITE    ItK.yt  IIIKMKNTH. 


Fees. — For  oxamitmtioii  t>f  stntdinontH  mid  iiivfHt  1^11! inn  ><(  ««vi- 
•IcnccH  of  itivcHtiin'iit.  livf  dulliirH. 

Kor  fiudi  ffrtilii'iitu  uf  aullioiily,  two  dollarH. 

Taxes. — Every  comimtiy  slmll,  in  tli<'  mnntlm  of  .Tiumiiry  and  .Inly 
in  each  yetir,  report  to  the  .Vnditor.  uiid'T  tlii'oiitli  of  its  rresident,  and 
Sfcreliiry.  tiie  j^imsm  airioiint.  of  preiniuinH  received  in  the  ."^tute  fur  the 
six  nionihs  prccedinijc,  elldin^^  on  the  hist,  ihiys  of  DrcenilM'r  and  Jiuio 
in  eiich  veiir,  aii.l  sliall,  at,  tlir  same  time,  piiy  the  Stat(<  TreiiHiuvr  the 
mini  of  iliree  dolhirs  lor  every  one  iiiindred  (hiliars  of  such  proiniunis, 
lesH  hisses  actually  paid  within  tlie  State. 

Penalties. — Any  [)erson  violating  tlio  provisions  of  law  relatinp 
t,o  insurance,  shall  \>i'  lined,  not  exc<'edinK'  one  thousand  doUars,  or 
iinprisoneil  in  I h(- county  .jail  not  more  than  thirty  days,  or  both.  Any 
company  nej^lectiu);  for'iiiore  tiian  thiily  days  to  ivnder  an  account  of 
its  premiums  received,  and  [»ay  tlie  tax  tluu-eon.  as  re(|uired  by  law, 
shall  forf«it  ono  hundred  dollars  lor  each  additional  day  such  icport 
and  payment  shall  he  delayed. 


IOWA. 
H.   R.  Shkhman,   Auditor  of  SHate. 

Admission. — Kvory  company  desiring  to  transact  business  in  this 
State,  before  admission,  must  lile  with  the  Auditor — 

A  certifiod  copy  of  its  charter  or  deed  of  sc^ttleinent. 

A  statement,  under  oath,  of  the  President,  Vice-l'roaident,  or  other 
cliiof  officcn-  and  Secretary  of  tlie  company,  giving  the  name,  location, 
and  capital  stock  of  the  company,  and  sliowiug  its  condition. 

A  copy  of  the  last  annual  report,  if  any,  made  by  a  lire  or  marine 
company  under  the  laws  of  the  State  by  which  such  company  was  in- 
corporated. 

Fire  and  marine  companies  shall  also  file  a  written  instrument,  duly 
signed  and  sealed,  authorizing  atiy  ag(>nt  of  the  company  to  m'knowl- 
edge  service  of  process  for  and  in  liehalf  of  the  company,  and  consent- 
ing that  service  of  process  upon  any  such  agent  sliall  be  taken  and  held 
to  be  valid,  as  if  served  upon  the  company,  and  waiving  all  claim  or 
right  of  error  by  roison  of  such  acknowltnlgment  or  service.    • 

Life  c.mpaiues  shall  appoint  an  attorney,  or  agent,  on  whom  pro- 
cess  of  law  can  be  soi-v(hI,  in  each  county  in  which  the  company  has 
an  agencv,  and  file  with  the  Auditor  a  copy  of  such  certilicate  of  ap- 
pointmerit.  Such  appointment  shall  continue  in  force  until  another 
attornc^y  be  substituted. 

Certificates  and  Agents.— Every  company  doing  a  fire  or  rna- 
rine  business  in  this  State,  shall  procure  from  the  Auditor,  and  publish 
annually  in  two  newspapers  of  general  circulation,  one  of  which  shall 
be  pubfislied  at  the  capital,  a  certilicate  showing  that  such  company  has 
in  all  respects  complied  with  the  laws  of  the  State  relating  to  insurance, 
an  containing  a  statement,  under  the  oath  of  the  President  or  Secre- 
tary of  such  company,  stating  the  actual  amoimt  of  paid-up  capital,  the 


■■:i»-i  -Hi-i>-»M-n— T — .-.t.,*»-.»«j^'^-»«-"«',a>w-'"-'"~^-»g-- 


jiition  of  ovi- 


iiiiry  ami. Inly 
I'l't^siilciit  ftiiil 
StJitt'  for  lilt* 
ilx'i'  ami  J  linn 
TrciisuriT  till) 
cii  pt'DiiiitiniM, 

I"  idvv  rcliitinp 
ml  (loUiii'H,  or 
or  both.  Any 
ill)  lu^cdiinl  of 
uiri'il  hy  l;iw, 
ly  such  ruport 


msinosH  in  tluH 

idont,  or  other 
lanio,  location, 
ition. 

lire  or  nmrino 
upany  was  in- 
strument, duly 
ly  to  ai'knowl- 
f,  uml  conacnt- 
:ak(;n  ami  licld 
\r  all  claim  or 
vice.     • 

on  whom  pro- 

>  company  has 
rtilicale  of  ap- 

>  until  another 

ig  a  firo  or  ma- 
or,  and  publish 
of  whicli  shall 
;h  company  lias 
g  to  insurance, 
ident  or  Secre- 
-iip  capital,  the 


HTATITE    KKVI'IHBMUNTH. 


28 


aggivgiite  amount  of  ftSMfts  and  liiil/ilHios  at  the  date  of  sucli  certili.'ate. 
tog.'tlKT  with  till'  aggregate  income  ami  "xpeuditure  of  audi  company 

for  the  yeiil'  preceding.  1       A      !•. 

Kvery  loiiipany  doing  a  life  bu«n#«H  shall  juot  »jre  from  the  Auiiltor 
a  ceitilicute,  animallv,  wIik-;  -''ull  be  (w-r^ied  in  thf*  ollice  of  the  re- 
corder of  the  county  in  which  'he  principal  <'ffico  of  the  company  w 
located  in  this  State. 

Kvery  agent  of  a  (Ire  or  marine  r^impiiny  shall  annllidly  procure 
from  the  Auditor  a  certificate  of  authoritv 

Kvery  agent  of  a  life  comiuitiv  i^hall  annually  procure  from  the 
Auditor  a  certiticato  of  authoritv,  "and  aceriilied  copy  of  such  certifi- 
cate shall  I.e  filed  in  the  county  recorder's  olVice  of  the  county  whero 
the  (.nice  of  the  agent  is  locate<l.  and  the  general  agent  shall  procure 
from  the  Auditor,  and  furnish  to  each  local  or  traveling  agent,  a  certi- 
liud  cnpv  of  the  certificate  of  authority  issued  to  the  company. 

Every  agent,  in  all  ailvortiseim-nts  of  his  agiMicy,  shall  jMiiilish  the 
locatioiw(d'  the  company,  giving  the  name  of  the  city,  town,  or  village 
in  whi<di  ihe  company  is  located,  and  the  state  or  governnumt  under 
the  laws  of  which  it  is  organized. 

ExaminationB  and  Impairments.— The  Auditor  may  examine 
the  affairs  and  condition  of  anv  coni|)any  doing  business  in  this  State, 
and  may,  whonover  \w  deems  it  for  the  l)est  interests  of  the  piil. he, 
publish  the  result  of  such  examination  in  one  or  more  papers  in  this 

State.  .       .  1        «  •        » 

If  it  sliall  appear  from  such  examination  that  the  affairs  of  any 
company  doing  lire  or  marine  insurance  bu.siness  in  tliis  State  are  in  an 
unsound  condition,  the  Auditor  shall  revoke  the  certificate  grantod  in 
behalf  of  such  company,  and  cause  notice  of  such  revocation  to  be  pub- 
lished  in  some   newspaper  of  general  circulation    published  at  Dos 

Moines.  ,       M  •       . 

If  it  shall  appear  from  such  examination  that  the  affaire  of  any  cimi- 
pany  doing  a  life  insurance  business  are  in  an  unsound  condition,  or 
that  proceeding  further  with  its  business  will  bo  hazardous  to  the 
public  or  its  policy-holders,  he  shall  communicate  the  facts  to  tlio  At- 
torney General,  who  shall  at  once  ai)ply  to  a  judge  of  the  Supreme  or 
District  Court  to  issue  an  injunction  restraining  such  company  from 
transacting  further  business  in  this  State.  .      ,  .    □ 

No  lire  or  marine  company  can  transact  business  m  this  State  if  its 
capital  is  impaired  to  the  extent  of  twenty  per  cent,  thereof,  wliile  such 
deficiency  continues.  . 

No  life  company  can  transact  business  in  this  State  if  its  assets  are 
not  equal  to  its  liabilities,  including  its  premium  reserve,  computed  as 
required  by  law. 

Fire  and  Marine, — Every  company  must  possess  an  actual  paid- 
up  capital  of  two  hundred  thousand  dollars,  exclusive  of  any  assets 
deposited  in  any  state  or  territory  for  the  special  benefit  or  security  of 
the  insured  therein.  Annual  statements  shall  be  filed  on  the  first  day 
of  January  of  each  year,  or  within  thirty  days  thiireafter,  showing  the 
condition  and  affairs  of  the  company  on  the  preceding  3l8t  day  of 
December. 


E>iah<SE5Ki1K1Br> ' 


24 


STATXTTK    REQUIUKMENTa. 


Tho  re-insuranco  fund  is  computed  at  forty  per  cent,  of  the  premi- 
ums received  on  all  unexpired  risks. 

No  company  shall  expose*  il  self  to  loss  on  any  one  risk  or  hazard  to 
an  amount  exceeding  ten  per  cent,  of  its  paid-up  capital,  unless  the  ex- 
cess shall  be  reinsured  in  some  other  good  and  reliable  company. 

Life  —Every  company  transacting  business  in  tliis  State  shall  pos- 
sess at  least  one  hundred  thousand  dollars,  invested  in  stocks  or  bonds 
of  the  United  States,  of  this  State,  of  the  State  where  located,  or  of  the 
State  where  tho  same  are  deposited,  or  loaned  on  bond  secured  by 
mortgage  of  uncmenimbored  real  estate,  worth  double  the  amount 
loaned,  situated  witlnn  the  State  where  tlu;  company  is  located,  buch 
stocks  and  securities  shall  be  deposited  with  th<.  Auditor,  Comptroller, 
or  chief  financial  officer  of  the  State  in  which  such  company  is  located, 
or  of  some  other  State,  and  tht!  Auditor  furnished  with  a  cerUhcate 
under  the  hand  and  official  seal  of  the  officer  holding  such  deposit, 
showing  that  he  holds  the  same  in  trust  for  the  benefit  of  all  the  poiicy- 
holder-s  of  such  company,  stating  the  items  of  such  securities,  and  that 
he  believes  they  are  worth  one  hundred  thousand  dollars. 

Annual  statements  shall  be  filed  on  or  before  the  first  day  of  April 
of  each  year,  showing  the  affairs  and  condition  of  the  company  on  the 
preceding  .3 1st  day  of  December.  „    ,      .        ■        tk 

A'aluations  shall  be  made  upon  the  basis  of  the  American  Expe- 
rience Table  of  Mortality,  with  interest  at  four  and  one-half  per  cent, 
per  annum,  or  upon  the  l.asis  of  the  Actuaries  or  Combined  Experience 
Taljl.^  of  Mortality,  w:tn  interest  at  four  per  cent,  per  annum. 

If  the  policies  of  any  company  have  been  valued  by  the  proper  ol&- 
cial  of  any  other  State  upon  the  basis  above  specified,  the  Auditor  shall 
accept  a  certificate  of  such  valuation  as  sufficient  evidcmce  of  the  amount 
of  premium  reserve  of  such  company.  In  the  absence  of  such  certifi- 
cate, the  Auditor  may  value  the  policies  of  any  company  doing  business 
in  the  State,  or  may  accept,  upon  such  evidence  as  he  shall  determine, 
a  valuation  made  by  such  company. 

Fees.— For  filing  certified  copy  of  charter,  twenty-five  dollars. 

For  filing  annual  statement,  twenty  dollars. 

For  each  certificate  of  authority  and  certified  copy  thereot,  two 

°  Fot  every  copy  of  any  paper  filed  in  the  department,  the  sum  of 
.twenty  cents  per  folio,  and  for  affixing  the  official  seal  to  such  copy  and 
certifying  the  same,  one  dollar.  .      .      j  ,i 

For  valuing  policies  of  life  insurance  companies,  ten  dollars  per 
million  of  insurance,  or  for  any  fraction  thereof. 

For  official  examinations  of  companies,  the  actual  expense  in- 
curred. 

Reciprocal  provision  in  reference  to  fees. 

Taxes  —Every  company,  at  the  time  of  filing  annual  statement, 
shall  pay  into  the  state  treasury  a  tax  of  one-half  per  cent,  upon  the 
gross  ainount  of  premiums  received  in  this  State  during  the  preceding 
Vear  taking  dupUcate  receipts  therefor,  one  of  which  slia  1  be  filed  with 
the  auditor      Such  tax  shall  be  in  full  for  all  State  and  local  taxes. 


n-?5iKSt;  'iJ*F^ef=*i-*lT» 


..-_.-.  ...-■_^t^^^-jytef=.i.t^a^ri^^iae8JifcWg^#ge^^ 


of  the  prcmi- 

k  or  hazard  to 
unless  the  ex- 
;ompany. 

Hiite  shall  pos- 
^ocks  or  bonds 
sated,  or  of  the 
id  secured  by 
i  the  amount 
located.  Such 
r,  Comptroller, 
lany  is  located, 
th  a  certificate, 
?  such  deposit, 
L  all  the  policy- 
rities,  and  that 

'S. 

•St  day  of  April 
ompany  on  the 

imerican  Expe- 
3-half  per  cent, 
ned  Experience 
nnum. 

the  proper  offi- 
le  Auditor  shall 
e  of  the  amount 
of  such  certifi- 
[  doing  business 
ihall  determine, 

■five  dollars. 

py  thereof,  two 

ent,  the  sum  of 
0  such  copy  and 

ten  dollars  per 

ual  expense  in- 


mual  statement, 
r  cent,  upon  the 
ig  the  preceding 
liall  be  filed  with 
d  local  taxes. 


STATl'TK    HEQUIRBMENTS. 


25 


Penalties —Any  person  or  officer  doing  business  for  any  hre  or 
marine  coun.any  without  complying  with  the  requirements  ot  law.  or 
violating  any  of  the  provisions  of  law  relating  to  insurance,  shall  be 
fined  in  a  sum  not  exceeding  one  thousand  dollars,  and  l.e  imprisoned 
in  the  countv  jail  for  a  period  not  less  than  thirty  days,  nor  more  han 
six  months. "  Every  life  insurance  company  failing  to  ii  c  annual  state- 
ments. an<l  procure  certifi.vate  of  authority,  as  required  by  law,  shall 
forf.'it  on.>  iiundred  dollars  for  every  day's  neglect ;  and  any  o  its 
ao-ents  making  insurance,  or  soliciting  applicatnms.  shall  forfeit  three 
hundred  dollars  ;  and  any  person  acting  for  any  such  company,  wi  h- 
ont  having  a  certificate  of  authority,  shall  forfeit  twenty-five  dollars  for 
each  day's  neglect  to  procure  such  certificate. 


KANSAS. 


«i«l«.*,fS>""*'P¥-"' 


•V    Oruin  T.  Welch,   Suficriutendcnf  of  In.iurnnce. 

Admission.-Every  company  desiring  to  transact  business  in  this 
State,  before  admission  shall  file  with  the  Superintendent  of  Insur- 
ance—  „  .  ,. 

A  certified  copy  of  its  charter  or  act  of  incorporation. 

A  copy  of  the  last  annual  report,  if  any  was  made  under  any  law 
of  th(i  State  and  country  by  which  such  company  was  incorporatea. 

A  statement  under  the  oath  of  the  President  or  Vice-President  and 
Secretary  of  such  company,  showing  the  capital,  location,  and  condi- 
tion of  such  company.  In  case  of  life  (Kmipanies,  the  statement  shall 
show  the  condition  of  the  company  on  the  preceding  first  day  of 

"^'""EveTV  company  shall  file  in  the  Insurance  Department  its  written 
consent,  irrevocable,  that  actions  may  be  commenced  against  the  com- 
pany  in  any  county  in  the  State  in  which  the  cause  of  action  shall  arise 
or  the  plaintiff  shall  reside,  and  process  served  on  the  Superintendent 
of  Insurance,  and  agreeing  that  such  service  shall  be  as  Imidmg  as  if 
made  upon  tlie  proper  officer  of  such  company.  Such  written  consent 
must  be  executed  by  the  President  and  Secretary  ot  _  the^company, 
authenticated  by  the  seal  of  the  company,  and  accompanied  by  a  certi- 
fied copy  of  a  vote  or  resolution  of  the  board  of  directors  authorizing 
the  Presi<lent  and  Secretary  to  execute  the  sanie  Ihe  summons  in 
any  pro.oss  against  anv  such  company  shall  be  addressed  to  the  huper- 
intendent  of  Insurance,  and  require  the  .lefendant  to  answer  by  a  cer- 
tain day,  not  less  than  forty  days  from  its  date.  The  summons  shall 
be  forwkrded  by  the  clerk  of  the  court  to  the  Superintendent  who 
shall  immediately  forward  copies  thereof  to  the  company  and  to  its 
general  agent,  if  such  agent  reside  in  this  State. 

Certificates  and  Agents.— Every  company,   before  transact^ 
ing  business,  must  procure  from  the   Superintendent  a  certificate  ot 

^''*'eS  company  shall  certify  to  the  Superintendent  the  names  of 
the  agents  appointed  to  act  for  the  company,  and  such  agents  shall 
receive  a  license  from  the  Superintendent.  Any  company  may  appoint 
a  general  agent  in  this  State  with  authority  to  appoint  other  agents. 
4 


2(i 


STATUTE    KKQUIRKMKNTS. 


A  ccrtifiod  copy  of  such  appointment  shall  bo  filed  with  tho  Snpenn- 
ten.hmt  All  cortilicatcs  and  licmses  shall  1h>  rcM.owcd  annually,  and 
shall  continue  in  force  until  the  last  day  of  February  in  endi  year. 

Examinations  and  Impairments.— Whenever  the  Superin- 
tendent has  {rood  reason  to  suspect  the  correctness  of  any  annual 
statement  made  by  any  ('(mipany,  or  that  any  such  company  is  in  an 
unsound  condition,  he  shall  make  or  cause  to  be  made  an  exannnation 
into  the  affairs  of  such  company.  Whenever  the  Snpennten.teiit  shall 
deem  it  for  the  interest  of  the  public,  he  shall  publish  the  result  of 
such  examination  in  some  newspaper  of  general  circulation  prmted  at 
Topeka.  If  it  shall  appear  from  such  examination  or  otherwise  that 
the  affairs  of  any  company  are  in  an  unsound  condition,  ho  shall 
revoke  the  authority  granted  to  such  company  to  do  business  in  this 
State,  and  cause  notice  thereof  to  be  published  in  at  lea,st  one  news- 
paper published  in  the  city  of  Topeka.  ,  •     cu  ♦    ■* 

No  fire  or  marine  company  can  transact  business  in  this  t^^tate  it 
its  capital  stock,  after  the  company  is  charged  with  its  proper  liabili- 
ties, is  impaired  more  than  twenty  per  cent. 

No  life  company  can  transact  business  in  this  State  it  its  assets, 
after  being  charged  with  all  proper  liabilities,  are  not  equal  to  its 
premium  reserve  ascertained  as  required  by  law. 

Fire  and  Marine. — Every  company  must  possess  a  paid-up  capital 
of  one  hundnHl  thousand  dollars.  j.  ,,      i 

Annual  statements  must  be  filed  on  or  before  the  first  day  ot  March 
in  each  year,  showing  the  condition  of  the  company  on  the  precednig 
tliirty-iirst  day  of  December.  A.  synop.sis  of  such  annual  statement 
shall  be  published  in  each  county  where  the  company  has  an  agent, 
showing  the  assets  and  liabilities  of  the  company,  withm  sixty  days 
after  filing  such  statement. 

The  re  insurance  fund  is  computed  at  forty  per  cent,  of  the  amount 
received  for  premiums  upon  unexpired  risks. 

Life Fivery  company  must  possess  at  least  one  hundred  thousand 

dollars  investcHl  in  the  bonds  of  the  United  States,  or  this  State  or  of 
the  State  by  which  it  is  incorpcn-ated,  or  loaned  on  notes  or  bonds 
secured  by  "mortgage  of  unincumbered  real  estate  worth  double  the 
amount  loaned.  Securities  to  tho  amount  of  erne  hundre(t  thousaiid 
dollars  shall  be  deposited  with  the  proper  official  of  the  State  under 
■  whose  laws  the  company  is  incorporated,  for  the  security  of  the  policy- 
holders of  the  company.  A  certificate  under  the  hand  and  olhcial 
seal  of  tho  officer  with  whom  such  deposit  is  made,  showing  the  char- 
acter of  the  securiti(>s  deposited  with  him.  that  he  holds  the  same  m 
trust  for  the  benefit  of  the  policy-holders  of  the  company,  and  that  ho 
is  satisfied  they  are  worth  one  hundred  thousand  dollar.s,  shall  be  filed 
with  the  Superintendent.  Annual  statements  shall  be  filed  on  the  first 
day  of  January  in  each  year,  or  within  sixty  days  thereafter,  showing 
the  condition  of  the  company  on  the  preceding  t.hirty-lirst  day  of 
December.  A  synopsis  of  such  annual  statement  shall  be  put)lislie(l 
in  each  countv  where  the  company  has  an  agent,  showing  the  assets 
and  liabilities  of  tho  company,  within  sixty  days  after  iding  auch  state- 
ment     Valuations  are  made  upon  the  American  Experience  labie  ol 


5«SSM»IIS«S5**«s«*^** 


I  llio  Supei'iii- 
iiimualiy,  and 
each  year. 

tho  Siiperin- 
if  any  annual 
ipany  is  in  an 
n  cxaniination 
nteiulcnt  sliall 

tlu5  result  of 
ion  printed  at 
otherwise  that 
tion,  ho  shall 
nsinoss  in  this 
jast  ono  news- 

1  this  State  if 
proper  liabili- 

,e  if  its  assets, 
)t  equal  to  its 

paid-up  capital 

t  day  of  March 
the  preceding 
iiual  statement 
T  has  an  agent, 
thin  sixty  days 

,  of  the  amount 


idred  thousand 
his  State,  or  of 
notes  or  bonds 
)rth  double  the 
idred  thousand 
he  State  under 
y  of  the  policy- 
nd  and  oflicial 
iwing  the  char- 
Ids  tlie  same  in 


"7: 


and  that  he 


rs,  shall  be  fded 
iled  on  the  first 
•eafter,  showing 
rty-iirst  day  of 
11  be  publislied 
,ving  the  assets 
iling  such  state- 
ariencc  Table  of 


STATDTE    REQUIHEMKNTS. 


27 


Mortality,  with  interest  at  four  and  ono-half  per  cent,  per  annum 
Tlie  Superintendent  shall  once  in  three  years  vahie  the  policies  of  all 
eonipaui.'S  transacting  business  in  this  State,  if  tlu^  same  are  not  valued 
under  the  provisions  of  the  laws  of  some  other  State,  upon  any  basis 
whicli  will  not  require  a  premium  reserve  h-ss  than  that  i)roviaed  by 
tlie  basis  of  valuation  estaldished  by  the  laws  of  this  State.  If  a 
certilicate  nf  such  valuation  in  any  other  State  shall  bo  rurnished  the 
Superintendent,  ikj  valuation  shall  be  matie  in  this  State. 

Foreign l^'very  company  must  have  invested   in  the  stocks  of 

the  United  .States  or  s(mie  one  or  more   of  the   States  two  hundred 
thousand  dollars,  and  such  stocks  must  be  held  by  citizens  of  the 

United  States.  ,     ,_,  «  .,  ■    r,^  ^ 

Life  companies  mu.st  deposit  with  the 'Ireasurer  of  this  State  one 
hundred  thousand  dollars  in  bonds  or  securiti(^s  for  the  benefit  of  the 
policy-hold. >rs  of  any  such  company,  citizens  or  residents  of  the  United 
States,  orjurnish  the  Superintendent  with  a  certilicate  from  the  proper 
oflicial  of  some  other  State  showing  that  a  deposit  of  bke  character 
and  amount  has  been  made  with  him  for  tlie  security  of  the  pohcy- 
holders  of  such  company  in  the  United  States. 

\nnual  statements  shall  be  filed  on  the  first  day  of  January  in  each 
year,  or  within  sixtv  <lays  tlu-reafter,  showing  thi^  condition  oi  the 
company  on  the  preJeding  thirtieth  day  of  June,  and  shall  be  accom- 
panied bv  a  supplementary  annual  statement  showing  the  condition  of 
the  company  in  tho  United  States  on  the  preceding  thirty-first  day  of 
Deceiii])er  A  synopsis  of  such  annual  statement  shall  be  ]iublisiied 
in  each  county  where  the  company  lias  an  agent,  showing  the  assets 
and  liabilities  of  the  company,  within  sixty  days  after  filing  such 
statement. 

Fees  —For  filing  charter,  fifty-five  dollars. 

For  filing  annuarstatements,  fifty  dollars. 

For  each  Hcense  to  agents,  two  dollars. 

For  every  copy  of  a  paper  filed  in  this  office,  twenty  cents  per  foho. 

Vov  affixing  the  seal  of  office  and  certifying  any  paper,  one  dollar 

For  valuation  of  life  policies,  one  cent  for  every  one  thousand 
dollars  of  insurance  valued.  ,      t,.  ^i 

For  examinations,  the  actual  expenses  incurred.  If  the  expenses 
of  the  Department  exceed  the  fees  collected,  such  excess  shall  be 
assessed  equally  upon  all  companies  doing  business  in  the  State,  and 
paid  into  the  Treasury.  •  .     xi. 

Each  company  must,  in  addition  to  the  above  fees,  pay  into  the 
State  Treasury  for  the  benefit  of  the  annual  school  fund  the  sum  of 
fifty  dollars  each  year.  Reciprocal  provision  where  other  and  greater 
fees  are  charged  in  other  States. 

Taxes  —Foreign  companies  are  required  to  pay  a  tax  of  two  per 
cent  annually  on  or  before  the  first  day  of  March  on  all  premiums 
received  in  this  State  for  the  year  ending  on  the  pn-ceding  thirty-first 
day  of  December.  Reciprocal  provision  in  reference  to  taxes  upon 
other  companies. 

Penalties. Kvory  company  transacting  business  in  this  State 


.)S  STATl'TK,    HKQrlHKMKNTS. 

witlinut  romplvin^r  with  tlic  i-rovisions  of  law,  aiiil  ovory  ag.M.t  acting 
forunvC()i>u)aiiv  vvitliout  pr.K-uiiiiK  a  lironso,  sliall  he  subject  to  a  poii- 
alty  of  five  hun'dred  cl(,llavs.  Kvory  violation  of  any  provision  of  law 
rolatine  to  insurance  shall  subject  tlic  person  Kuilty  of  sucli  viohition 
to  a  penalty  of  not  less  than  one  hundred  dollars  uor  nioiv  lliau  live 
hundred  dollars  for  each  ofi'ense. 


*■ 


I 


KENTUCKY. 
GusTAVUS  W.  Smith,  Insurance   Commissioiwr. 
Admission.— Kverv  company   desiriiiK  to  transact  Imsiness  in 
tills  State,  hefor.'  admission  must  file  with  the  t'ommissioner— 

A  certified  copy  of  its  charter,  articles  of  incorporation,  or  deed 

of  settlement.  . ,  -rr.     -r.      ■  i     i.      j 

A  statement  under  the  oath  of  its  President  or  Vice-President  and 
Secretary  showing  the  condition  of  the  company.  ,  . 

A  copy  of  the  last  annual  report,  if  any,  made  under  any  law  ot 
the  State  by  which  such  company  was  incorporated.  ,        ,        ,    ■, 

\  written  instrument  or  power  of  attorney,  duly  signed  and  sealed, 
authorizimr  any  agent  of  the  company  to  acknowh'dge  service  of  pro- 
cess iov  and  in  behalf  of  the  company,  and  consenting  that  service  ot 
process  upon  any  such  agent  shall  be  as  valid  and  binding  as  if  served 

on  the  company.  ,  ,i       i.i,  _ 

If  any  such  company  shall,  without  the  consent  of  the  other  par- 
ties to  any  suit  or  proceeding  against  it  in  any  court  of  this  State, 
remove  such  suit  or  proceeding  into  any  Federal  court,  or  if  such 
company  shall  hereafter  institute  any  suit  or  proceeding  against  any 
citi/^n  of  this  State  in  any  Federal  court,  it  shall  be  the  duty  of  the 
Auditor  forthwith  to  revoke  all  authority  to  such  company  or  its 
agtmts  to  do  business  in  this  State,  and  to  publish  such  revocation  m 
some  newspaper  published  in  this  State. 

Certificates  and  Agents.— The  Auditor,  npon  receiving  a  cer- 
tificate  from  the  Insurance  Commissioner  showing  that  any  company 
has  fully  complied  with  the  requirements  of  law  and  is  possesseil  ot 
the  requisite  capital  or  assets,  shall  furnish  to  such  agents  as  the  com- 
panv  directs  a  copy  of  the  certificate  of  the  Commissioner,  together 
•  with  a  li<-enseto  such  agents  to  transact  business  for  such  company. 
The  certificate  of  the  Commissioner  to  the  Auditor  and  copies  of  such 
certificate,  together  with  the  licenses  to  agents,  shall  be  renewed  an- 

""'^Everv  agent,  in  all  advertisements  of  his  agency,  shall  pul)lish  the 
location  ^.f  the  company  he  represents,  giving  the  name  of  the  city, 
town,  or  village  in  which  it  is  located,  and  the  State  or  government 
under  the  laws  of  which  it  is  organized. 

Examinations  and  Impairments.-The  Commissioner,  when- 
ever lu-  d.>eins  it  necessary,  may  examine  into  the  affairs  and  condition 
of  any  companv  doing  business  in  this  State.  ^hen(n-(.r  it  shall 
aut'ear  to  the  satisfaction  of  the  Commissioner  that  the  affairs  of  any 
such  company  are  in  an  unsound  condition  or  not  conformable  to  any 


,  »»fc*,^-«K««i*>Sa«Wi«;»,-  -.-ias3*i««E-9««ii9*!U^a«»w 


agiMit  acting 
ji'ct  to  a  pen- 
^■ision  of  law 
(It'll  violation 
uro  than  live 


t  business  in 

Dner — 

ition,  or  deed 

President  and 

ler  any  law  of 

3d  and  sealed, 
ervice  of  pro- 
;liat  service  of 
ig  as  if  served 

the  other  par- 
of  this  State, 
irt,  or  if  such 
r  against  any 
lie  duty  of  the 
jnipuny  or  its 
I  revocation  in 


3ceiving  a  cer- 
any  company 
3  possessed  of 
its  as  the  coin- 
ioner,  together 
5uch  company, 
copies  of  such 
18  renewed  an- 

lall  pul)lish  the 
mo  of  the  city, 
)r  government 

lissioncr,  when- 
s  and  condition 
niever  it  shall 
3  affairs  of  any 
ormablo  to  any 


STATUTK    RKQt'TKEMKNTS. 


2!t 


Standard  adopted  by  this  State,  or  if  any  company  shall  refuse  to  per- 
mit an  examination,  tlu;  Auditor  at  tiie  re(|uest  of  Commissiuiier  sliull 
revoke  all  certilicates  granted  in  behalf  of  such  company,  and  shall 
cause  notice  of  such  revixatioii  to  be  published  in  some  one  or  more 
newspapers  of  general  circulatinii  published  in  the  State,  and  a  copy 
thereof  mailed  to  each  agent  of  such  company  licensed  by  the  Auditor. 

No  fire  or  marine  company  can  transact  business  in  this  State  if, 
after  the  comiiany  is  charged  with  its  proper  liabilities  and  the  amount 
required  by  law  for  a  re  hisurance  fund,  its  capital  is  iin[)aired  to  the 
extent  of  twenty  per  cent.,  unless  such  impairment  shall  be  made  good 
within  sixty  days.  _ 

No  life  conipany  can  transact  busin(!ss  in  this  State  if  its  assets 
are  not  of  a  net  cash  value  etjual  to  its  liabilities,  including  the  premi- 
um reserve  computed  as  recpiired  by  law. 

Fire  and  Marine. — Every  company  must  possess  a  paid-up  cash 
capital  oli^not  less  than  one  hundred  and  fifty  thousand  dollars. 

Annual  statements  shall  be  filed  on  tlie  lOth  day  of  January  in 
each  year,  or  within  one  month  thereafter,  and  shall  show  the  condi- 
tion of  the  conipany  on  the  preceding  31st  day  of  December. 

The  Commissioner  may  for  good  cause  shown  extend  the  time  for 
fihng  annual  statements. 

Th(!  re-insurance  fund  is  computed  at  fifty  per  cent  of  the  gross 
premiums  received  and  receivaT)le  upon  all  unexpired  risks. 

Life. FiVery  company   must  possess  well-invested   assets  to  the 

amount  uf  one  hundred  thousand  dollars. 

Every  company  must  file  with  the  Commissioner  the  certificate  of 
the  Superintendent,  Insurance  Commissioner,  or  chief  financial  officer 
of  some  other  State,  under  his  hand  and  official  seal,  that  he  holds  on 
deposit  for  the  benefit  of  all  policy-holders  of  such  company  stocks 
and  securities  to  the  amount  of  one  hundred  thousand  dollars,  stating 
the  character  of  such  securities. 

^Ynnual  statements  must  be  filed  on  the  10th  day  of  January,  or 
within  sixty  days  thereafter,  showing  the  condition  of  the  company 
on  the  preceding  3 1st  day  of  December. 

The  basis  of  valuation  in  this  State  is  the  American  Experience 
Tal)le  of  Mortality,  with  interest  at  four  and  one-half  per  cent,   per 

annum. 

The  CJommissioner  is  required  to  value  the  outstandmg  policies  of 
all  companies  doing  business  in  this  State  annually,  if  such  company 
is  not  incorporated  in  a  State  where  there  is  a  regularly  organized 
Insurance  Bureau  or  Department.  In  such  case,  if  the  Conipany  .shall 
furnish  a  certificate  of  the  Insurance  Commissioner  or  Superintend- 
ent in  due  form  under  seal  setting  forth  the  existing  value  of  all  its 
outstanding  policies,  such  certificate  shall  be  accepted  by  the  Commis- 
sioner, and  no  valuation  of  the  policies  of  such  company  shall  be 
made  by  him.  (Such  certificate  is  not  required  to  show  a  valuation 
made  upon  any  particular  basis.) 

Foreign. — Every  company  doing  a  fire  or  marine  business  shall 
file  with  the  Commissioner  the  certificate  of  the  Auditor,  Comptroller, 
or  chief  financial  officer  of  some  other  State  of  the   United  States, 


30 


PTATUTE    HKQl'lllKMENTS. 


iiiulor  his  liarid  ami  ollicial  seal,  sliowiiiK  tliat  such  officer  hoMs  on 
deposit  and  in  tnist  for  the  henelit  of  all  tlie  policy-liolders  of  such 
ciimpnny  in  the  United  Slater  secnrities  to  the  amount  of  two  hundred 
thousand  dollars. 

In  case  no  such  deposit  is  nnide  in  any  other  State,  such  deposit 
may  Ijo  made  with  the  Auditor  of  this  State. 

Fees. — To  the  Auditor: 

h'or  filing  certified  copy  of  cliarter,  ten  dollars. 

For  license  to  each  agent  of  a  fire  company,  live  dollars. 

For  license  to  each  agent  of  life  companies,  ten  doUars. 
To  the  t.'ominissioner: 

For  filing  certified  co[)y  of  charter  or  deed  of  settlement,  forty 
dollars. 

For  filing  annual  .stfitement  of  condition,  forty  dollars. 

For  filing  any  additional  or  supplemental  statement,  twenty-five 
dollars. 

For  seal  of  office  with  certificate,  one  dollar. 

For  copies  of  any  papers  on  file,  twenty  cents  per  folio. 

For  cost  of  making  valuations,  not  to  exceed  three  cents  for  every 
thousand  dollars  of  insurance  valued.  The  reasona1)le  (expenses  of 
the  examination  of  any  company  shall  bo  paid  by  the  company  ex- 
amineti. 

The  Commissioner  is  authoriziMl  to  assess  an  equal  amount  upon 
each  company  doing  business  in  tlus  State,  to  {jrovide  for  any  de- 
ficiency in  the  expenses  of  the  Burtniu. 

Reciprocal  provision  in  reference  to  fees. 

Taxes. — Every  fire  or  marine  company  shall,  on  the  first  Mondays 
of  May  and  November  in  each  year,  report  under  oath  to  the  Auditor 
the  total  amount  of  all  premiums  received  within  this  State  for  tlio 
six  months  preceding,  and  shall  at  the  same  time  pay  into  the  Treas- 
ury of  the  State  a  tax  of  two  dollars  and  fifty  cents  upon  each  one 
hundred  dollars  of  such  premiums. 

The  State  agent  or  manager  of  every  life  company,  and  when 
there  is  no  State  agent  or  manager,  then  a  special  agent  appointed  for 
the  purpose,  shall  on  the  first  day  of  May  or  November  in  each  year, 
or  within  thirty  days  thereafter,  return  to  the  Auditor  a  correct  state- 
ment under  oath  of  all  premiums  received  or  receivable  by  any  of  the 
.agents  of  the  company  in  this  State,  and  the  amount  of  insurance 
effected  for  the  six  months  ending  on  the  last  days  of  the  preceding 
7\pril  and  October.  Every  life  company  shall,  on  or  before  the  first 
Mvjndays  of  June  and  November  in  each  year,  pay  into  the  State 
Treasury  a  tax  of  two  dollars  and  fifty  cents  upon  each  one  hundred 
dollars  net  premiums  received  in  cash. 

Penalties. — Every  agent  of  a  fire  or  marine  company  transact- 
ing business  withoiit  a  license  sliall  be  subject  to  a  penalty  not  exceed- 
ing five  hundred  dollars,  and  every  agent  '-f  a  life  company  for  a  like 
offense  shall  be  subject  to  a  penalty  not  exceeding  one  thousand  dol- 
lars. 

Every  agent  doing  business  for  any  company  after  the  '^evoo  ,t;on 
of  its  authority  shall  be  subject  to  a  penalty  not  exceeding  Uvu  hund- 
red dollars. 


.,^igmimHii^ii>»fiut»i-iitam«mmmmli0USi«i 


ccr  liolds  on 

IdiTH  ol'   such 
two  liumlrod 

sucli  deposit 


U'S. 

rs. 

lement,  forty 


,t,  twenty-five 


;nts  for  every 

)  (expenses  of 

company  (;x- 

aniount  u])on 
for  anv  de- 


fii-st  Mondays 
0  the  Auditor 
State  for  tiie 
ito  the  Troas- 
ipon  eacli  one 

ay,  and  when 
appointed  for 
in  each  year, 
correct  state- 
by  any  of  the 
t  of  insurance 
he  preceding 
lefon^  the  first 
iito  the  State 
,  one  hundred 


pany  transact- 
ty  not  excced- 
lany  for  a  like 
thousand  dol- 

the  '^evoc  lion 
ng  nvu  hund- 


BTATUTK    KKQIUHKMKNTS. 


31 


Any  life  company  doing  b\isines8  in  this  State  and  neglecting  to 
make  r.-turn  as  recpiirod  by  law  shall  forfeit  ten  dollars  for  eacli  day's 

neglect.  ,  •         i  i 

Every  fire  or  marine  company  n(!glecting  for  tliirty  days  to  make 

return  of    premiums  and   pay  taxes  as  roqiured   by  law  shall    forfeit 

and  pay  one  thousand  dollars. 

Kvery  agent  of  a  lif(!  company  required  to  make  return   and  pay 

tax,  and"  neglecting  to  do  so  within  the  time  prescribed   by  law,  shall 

forfeit  twenty-live  dollars.      If  such  agent  neglects  for  ten  days  after 

notice   from  the   Commissioner  to  pay  such  tax   he  shall    forfeit  five 

hundred  ilollars. 


LOUISIANA. 

Agents.— Every  agent  for  any  company  doing  fire,  marine,  or 
river  insui-ance  in  the  city  of  New  Orleans,  shall  in  the  month  of  Jan- 
uary, inVach  year,  cause"  a  full  statement  under  oath  of  the  business  of 
his  "agency  to  be  iniblished  in  two  or  more  daily  newspapers  published 
in  said  city,  for  a  term  not  less  than  one  month,  showing  the  anumnt 
of  premiums  received  during  the  previous  year,  specifying  what 
amount  was  received  on  fire  policies,  what  amount  on  marine  policies, 
and  what  amount  on  river  policies,  and  also,  sliowing  the  aniount  of 
losses  incurred  during  the  year,  specifying  the  aniount  of  loss  incurred 
upon  each  class  of  policies  as  aforesaid. 

Licenses.— Each  company  shall  procure  from  the  Collector  of 
State  Taxes,  a  license  before  transacting  business  in  this  State,  and 
shall  annually  pay  a  license  or  tax  as  follows: 

If  the  annual  gross  rcjceipts  of  premiums  are  more  than  one  hun- 
dred thousand  dollars,  one  thousand  dollars.  If  less  than  one  hundred 
thousand  dollars,  but  more  than  seventy-five  thousand  dollars,  seven 
hundred  and  fifty  dollars.  If  less  than  seventy-five  thousand  dollars, 
but  more  than  fifty  thousand  dollars,  five  hundred  dollars.  If  less  than 
fifty  thousand  dollars,  four  luindred  dollars. 

Each  hcense  shall  expire  on  the  .3lstdayof  December.  If  any 
company  commence  business  in  the  State  &iU^v  the  1st  day  of  July 
in  any  year,  it  shall  only  be  liable  to  pay  half  the  amount  of  license 
or  tax. 

Every  agent  located  in  the  city  of  New  Orleans  shall  i)ay  fiivo  hun- 
dred dollars  per  anmuu  to  the  Collector  of  State  Taxes  for  the  parish 
of  Orleans,  who  shall  pay  the  same  into  tlu^  city  treasury  to  the  credit 
of  the  fire  department,  to  bo  divided  equally  1)etween  the  different  fire, 
hose,  and  hook  and  ladder  companies  in  such  manner  as  may  be  deter- 
mined by  a  majority  of  the  firemen  of  said  companies. 

Taxes. — The  President,  Secretary,  or  agent  of  every  company 
shall  on  or  before  the  first  day  of  April,  in  each  year,  make  and  deUver 
to  the  assessor  of  the  assessment  district  or  to  the  tax  collector  of  the 
city  or  parish  in  which  such  company  is  liable  to  ha  taxed  according  to 
law,  a  written  .statement,  specifying  "under  oath  the  real  estate,  if  any, 
owned  by  such  company,  situated  in  this  State;  the  capital  actually  paid 
in  ami  employed  in  its  business;  the  place  where  its  principal  opera- 


32 


8TAT11TK    RKQI'IHKMKNTS. 


tioim  aiH!  ciirriiHl  on  in  whicli  it  is  liablo  to  Ixi  tax(Ml.  Conipaiiifs  shall 
not  1.0  assoHswl  upon  tlm  amount  of  capital  stock,  but  siiall  pay  taxes 
upon  all  property  owned  wilhiu  tho  state. 

Kvery  company  shall  pay  in  addition  to  its  license  an  annual  lax  ot 
one  per  ccnit.  upon  the  gross  amoiuit  of  |>reminma  earned  each  year 
from  policies  issued  through  agencies  in  this  Stiito. 

Penalties.— Every  agent  in  the  city  of  N'ew  Orleans  doing  fnv, 
marine,  or  river  ^n8uranc<^  failing  to  puldish  a  staiemont  of  his  busi- 
ness as  recpiired  by  law,  shall  be  subject  to  a  penalty  uf  one  thousand 
dollars. 


MAINE. 
Joshua  Nve,  Tnsurunce  Commissioner. 

Admission.— Ev(!ry  insurance  company  desiring  to  transact  busi- 
ness in  tins  State,  before  admission  must  tile  with  tlu^  Insurance  Com- 
missioner a  certified  copy  of  its  charter  and  by-laws:  a  statement 
under  oath  signed  by  its  President  or  Secretary,  showmg  its  tmancial 
condition. 

Service  of  process  may  be  made  upon  any  authorized  agent  ol  such 
company  and  shall  l)e  valid  and  binding  uj.on  the  company.^  if  no 
agent  can  be  found  service!  may  be  made  on  the  Insurance  Commis- 
sioner and  shall  be  as  valid  as  though  served  on  the  agent.  If  judg- 
ment is  not  paid  within  thirty  days  after  demand  made  of  agent  or  In- 
surance Commissi(mer,  the  Commissioner  on  notice  and  hearing  may 
suspend  thepow(>r  of  the  company  to  do  business  in  this  State.  No 
stipulation  shall  deprive  the  courts  of  this  State  of  jurisdiction  of  ac- 
tions against  any  company,  nor  limit  the  period  before  commencing  the 
same  to  less  than  two  years  from  the  time  the  cause  of  action  accrues. 

Certifinates  and  Agents.— Every  company  before  transacting 
business  in  this  State  must  procure  a  hcense  from  the  Commissioner, 
which  shall  authorize  the  company  to  do  business  in  the  State  until  the 
first  day  of  the  next  .July,  and  shall  be  renewed  thereafter  annually. 

Every  agent  before  transacting  business  shall  tile  with  the  Commis- 
sioner a  duphcate  power  of  attorney  from  the  company  or  its  authorized 
agent,  authorizing  him  to  act  as  such  agent.  The  Commissioner  shall 
thereupon  issue  a  license  to  him  which  shall  continue  in  force  until  the 
first  day  of  the  next  July,  and  may  be  renewed  from  year  to  year  in 
like  manner.  The  knowledge  of  the  agent  of  the  company  in  refer- 
ence to  risks  and  of  omissions  and  misdescriptions  shall  be  regarded 
as  the  knowledge  of  the  company,  and  as  waived  by  it  the  same  as  if 
noted  in  the  policy. 

Examinations  and  Impairments.— Whenever  the  Commis- 
sioner deems  it  necessary  for  the  protection  of  policy-holders,  he  may 
examine  into  the  condition  of  any  company  transacting  business  in  this 

State. 

If  it  shall  ajipear  upon  such  examination  or  otherwise  that  the 
assets  of  any  fire  or  marine  company  having  a  specific  capital,  after 
deducting  therefrom  the  amount  of  its  liabilities  and  a  re-insurance 


•^ 


iiipaiiifH  shall 
lall  pay  taxes 

annunl lax  of 
[m1   eacli  yoar 

IS  (loinjf  fire, 
;  of  Ills  Imsi- 
ouu   lliuusaiul 


HTATHTB    KKQUIUKMENTB. 


:?3 


transact  bnsi- 
surancc  Coin- 
:  a  statcmont 
ig  its  linancial 

agent  of  such 
ipaiiy.  If  no 
ancc,  Comniis- 
i>nt.  If  jndg- 
)f  iigi'iit  or  In- 

I  licaring  may 
lis  Stato.  No 
.sdiction  of  ac- 
)mracn(;ing  tho 
action  accrues. 

ro  transacting 
Commissioner, 
State  until  the 
ter  annually, 
th  theComrais- 
r  its  authorized 
iiissioner  shall 
force  until  the 
ear  to  year  in 
ipany  in  refer- 

II  be  regarded 
the  same  as  if 


the  Commis- 
nlders,  he  may 
business  in  this 

irwisfi  that  the 
c  capital,  after 
a  re-insurance 


fund  as  required  by  law,  do  not  amount  to  more  than  three-fourths  of 
its  capital  sto,.k,  the  (•omi)aiiy  shall,  by  assessing  its  stock,  or  u.  some 
other  wav  fully  n^'air  its  capital,  and  uidess  it  do  so  within  thriw 
months  after  notice  from  the  (Commissioner,  the  Commissioner  shall 
suspend  its  right  to  do  bu.siness  in  the  State. 

Whenever  it  shall  app.-ar  that  the  net  cash  funds  of  any  life  insur- 
ance company  are  not  e.pial  to  its  liabiliti.^s,  including  its  pivmiuni 
rcs<a-ve,  comi.uled  as  r.Miuiivd  by  law,  he  shall  give  notice  to  the  ("oni- 
panv  and  i'.4  agents  to  cease  the  issui;  of  policies  within  the  btate. 

Whenever  the  Commissioner  thinks  any  lii-ensed  company  is  ;n 
failing  condition,  or  unsafe,  he  may,  on  reasonable  notice,  suspend  its 
right  to  do  business  in  the  State. 

Fire  and  Marine.— Every  stock  company  shall  pop^ess  a  bona 
fide  paid-up  capital  of  at  least  two  hundre.l  thousand  dollars,  well 
invested  and  secured,  and  every  mutual  company  shall  possess  cash 
assets  of  iike  amount. 

Annual  statements  shall  be  filed  on  or  before  the  Jlst  day  of  Jan- 
uary in  each  year,  and  shall  show  the  exact  condition  of  the  company 
on  tho  preceding  31st  day  of  December.  Such  annual  statement  con- 
densed, shall  be  published  three  W(>oks  successively  in  some  daily  or 
weekly  paper,  printed  in  the  county  whore  the  company  has  a  duly 
authorized  agent  or  takes  policies.  ,         „„  ^      e     u 

The  re-insurance  fund  shall  be  computed  at  fifty  per  cent,  of  all 
premiums  on  existing  fire  and  inland  risks,  and  the  entire  premium  on 
outstanding  marine  risks. 

Life  —Every  company  must  po.ssess  assets  to  tho  amount  of  one 
hundred' thousand  dollars,  invested  in  or  secured  by  real  estate,  bonds, 
stocks,  and  other  available  securities. 

Annual  statements  shall  be  fiknl  on  or  before  the  thirty-first  day  of 
January  in  each  year,  and  shall  show  the  condition  of  the  company  on 
the  preceding  31st  day  of  December.  .     ,      • 

Every  company  shall  annually  publish,  three  weeks  successively,  in 
some  daily  or  weeklv  paper  printed  in  the  county  where  said  company 
has  a  duly  authorizexl  agent  or  takes  policies,  a  condensed  statement 
of  its  condition  conformable  to  its  last  annual  statement. 

The  basis  of  valuation  is  the  Actuaries,  or  Combined  Experience 
Table  of  Mortality,  with  interest  at  four  per  cent,  pc-r  annum 

(The  Commissioner  accepts  a  certificate  of  valuation  from  the 
proper  official  of  any  other  state  of  the  amount  of  premium  reserve 
computed  upon  the  basis  required  by  law.) 

Licenses.— Every  company  must  annually  procure  from  the  Coin- 
missioner  a  license  which  shall  expire  on  the  first  day  of  July  in  each 
year.     Amount  of  license  fee,  twenty  dollars. 

Fees. — For  agent's  Ucenses,  one  dollar. 

For  examination  of  companies,  the  actual  expenses  incurred. 

Taxes Every  company  on  or  before  the  31st  day  of  January, 

annually,  shall  make  a  return  under  oath  to  the  Insurance  Commis 
sioncr,  stating  the  amount  of  all  premiums  received  in  this  State  by 
the  company  during  tho  year  ending  on  the  preceding  3l8t  day  of 
5 


34 


8TATUTK    KKQinUKMENTH. 


Dooombor,  and  the  amount  to  1mi  dodnrtod  thorefrom  for  losaos  iii  this 
State  during  tho  year,  and  for  uiuisc.l  bnlanrcs  of  imtrH  nn  npcii  policies*, 
and  for  i-ofurn  pnnniuuis  on  oauci'l.'d  polici.-s.  and  for  the  aiiiount  annu- 
ally set  aside  from  premiums  received  in  this  State  on  life  policies  lor 
the  reserve  th.-reon.  Such  company  shall  pay  a  tax  of  two  per  cent, 
upon  the  balance  of  such  premiums  remaining  after  deductions  as  atorc- 
said  on  or  before  May  first. 

Penalties.— Kvery  agent  who  acts  for  any  comtmny  witliout  pro- 
curing a  license!  from  Uie  Cmnmissioner,  sliall  bo  sul.jocl  to  a  penally 
of  not  more  than  lifty  dollars  for  each  offense.  . 

if  any  company  or  its  agents,  after  notice  from  the  C.Mnmissioiier 
to  suspend  its  business  in  the  State,  issue  any  policies  or  dn  any  i.usi- 
ness,  such  company  or  agent  shall  forfeit  not  e.xceeding  two  hundred 
dollars. 


M-ARYLAND. 
Chari.es  a.   Wailes,  Insurance   Commissioner. 
Admission.— Every  company  desiring  to  transact  bnsine^■i  in  this 
State,  before  admission  must  tile  with  the  Insurance  Commissioner— 
A  certified  cojjy  of  its  charter  or  deed  of  settlement. 
A  certificate   from  the   Insurance  Commissioner  or   other  proper 
ofBcial  of  tlie  State  or  nation  where  the  company  is  organized,  showing 
that  the  company  is  entitled  to  assume  risks  and  issue  policies. 

A  statement  verified  by  the  signature  and  oath  of  the  President 
or  Vice-President  and  Secretary  or  Actuary,  showing  the  condition  and 
affairs  of  the  company. 

A  written  stipulation,  duly  authenticated  by  the  company,  agreeing 
that  any  legal  process  affecting  the  company  .5etved  on  the  Insurance 
Commissioner,  or  the  party  <lesignated  by  hiiL  jv  the  agent  specified 
by  said  company  to  receive;  service!  of  process  for  the  company,  sliall 
have  the  same  effect  as  if  served  personally  on  the  company. 

If  such  company  should  cease  to  maintain  an  agency  in  this  State, 
process  affecting  such  company  may  be  thereafter  served  on  the  com- 
missioner. ,  l.„     •.  T       .V. 

Such  stipulation  cannot  be  revoked  or  modified  by  the  company, 
except  that  a  new  one  may  be  substituted,  requiring  or  dispenEing  with 
service  at  the  principal  office  of  the  company  in  this  State. 

Certificates  and  Agents.— Every  company,  upon  complying 
with  the  requirements  of  law,  shall  receive  from  the  Insurance  Com- 
missioner a  certificate  of  authority  or  license.  Every  agent  or  sohcitor 
must  obtain  from  the  Commissioner  a  certificate  of  authority.  All 
certificates  and  licenses  sliall  expire  on  the  first  day  of  May  m  each 
year,  and  shall  be  renewed  annually. 

Examinations  and  Impairments.- The  Commissioner,  for 
probable  cause,  may  visit  and  examine  any  company  doing  business  in 
this  State.  He  may  revoke  or  modify  any  certificate  of  authority 
granted  such  company  when  the  reasons  for  granting  it  no  longer 
exist,  or  the  company  does  not  permit  an  examination.     If  any  fire  or 


HTATUTK    HKWl  lUKMKNTH. 


8** 


•  I088O8  ill  this 

1  i)|i('ii  i)(ili<'i<'H, 
luiiount  luinii- 

ff  policies  for 
two  Iter  cent. 

utioiis  (IS  afti.'f- 

y  witlioiit  pro- 
t  to  a  penalty 

CoiiimiMHioiicr 
r  do  any  Imsi- 
5  two  hundred 


ner. 

bnsinof  i  in  this 
iTiniissioacr — 

r   other  proper 

anizod,  showing 

Kilicics. 

[  the   i'residi'ut 

le  condition  and 

npany,  agreeing 
n  the  Insurance 
agent  specified 
'.  company,  shall 
ipany. 

cy  in  this  State, 
zed  on  the  Com- 

by  the  company, 
•  dispenF.ing  with 
ate. 

upon  compljdng 
Insurance  Com- 
igent  or  soUcitor 
'  authority.  All 
y  of  May  in  each 

unmissioner,  for 
doing  business  in 
;ate  of  authority 
ing  it  no  longer 
n.     If  any  fire  or 


mnrino  companv.  nft.M-  being  cltiirgcd  with  its  proi>er  liabdities  and  a 
rc-insunui.v  fniul  us  rr(imr(Ml  by  law,  has  its  capilal  stuck  iin|.air.«(l  to 
the  extent  of  forty  per  cent.,  the  Coininissioner  shall  giw  nntic!  to  the 
companv  to  inake'g„o<l  its  whole  capital  stock  within  si.xty  days;  and 
if  this  li..  not  done,  he  shall  nHpiire  the  company  to  cease  to  do  new 
business  within  the  State.  .11 

If  any  life  con-pany  doing  business  in  this  State  has  not  on  hand 
assets  eciual  to  the  net  value  of  all  its  policies  in  fore.-,  after  all  tiie 
other  .|..bts  of  the  company  ami  claims  against  it  have  l"'''"  P''''^"'''' 
for  exclusive  of  capital  stock,  the  Commissioner  shall  publisii  the  lact 
thill  the  then  existing  condition  of  th(^  company  is  below  the  standard 
of  safety  iHsquireil  by  the  laws  of  this  State,  and  \w  shall  ivciuuv  tlie 
company  to  at  once  cease  doing  new  business  within  the  State. 

Fire  and  Maritie,— Kverv  stock  company  must  i-ossess  a  capital 
stock  f)f  at  least  one  hundred  thousand  dollars.  Annual  statements 
must  bonded  on  the  lirst  day  of  January  in  each  year,  or  within  thirty 
days  theiviifter,  and  shall  show  the  alTairs  and  condition  ol  the  coin- 
paiiy  on  the  precnling  :ilst  day  of  Itecember.  Kvery  comi-any  shall 
publish  annually  in  the  month  of  .laiiuary,  in  at  least  one  newspap«)r 
in  the  city  or  county  in  which  the  principal  agency  ol  the  coiniiany  is 
located,  a  certified  copy  of  its  annual  statement  once  a  week  for  three 
successive  weeks. 

The  re-insiiranco  fund  is  computed  at  fifty  per  cent,  of  all  premiums 
on  unexpired  fire  risks  having  less  than  one  year  to  run,  and  a  pro  rata 
of  all  iin-miums  received  on  unexpired  lire  risks  having  one  year  or 
longer  to  run:  all  the  premiums  received  on  unexpired  marine  and 
inland  risks. 

Life Every  company  must  jiossess  well-invested  assets  to  the 

amount  of  one  hundred  thousand  dollars.  Annual  statements  must  be 
filed  on  the  first  day  of  January  in  each  y.'ar,  or  within  sixty  days 
thereafter,  and  shall  show  the  condition  of  the  company  on  tlu^  pre- 
ceding :?lst  day  of  December.  Ev.'ry  company  shall  publish  annually 
in  the  month  of  l-^ebruary,  in  at  least  one  newspaper  in  the  city  or 
county  in  which  the  principal  agency  of  the  company  is  locat<Ml,  a  cer- 
tified copy  of  its  annual  statement  once  a  week  for  three  successive 

weeks.  „         .  m  r  1       j-  ik^f 

Valuations  are  based  on  the  American  Experience  Table  of  Mor- 
tality with  interest  at  four  and  one-half  per  cent,  per  annum. 

the  Commissioner  is  required  to  accept  the  valuation  of  the  Coni- 
missioner  of  the  State  where  the  company  is  located  orin  which  it 
elects  to  have  its  policies  valued,  if  such  valuation  be  made  on  sound 
and  recognized  principles  and  the  legal  basis  established  by  this  State. 
The  company  shall  furnish  the  Commissioner  a  certificate  from  the 
Commissioner  of  such  State,  showing  the  value  of  all  outstanding  poli- 
cies of  such  company  on  the  preceding  31st  day  of  December,  and 
stating  that  after  all  debts  and  claims  of  the  company  are  provided  for 
the  company  possesses  assets  equal  to  the  net  value  of  all  its  i.olicies  in 
force.  Any  company  that  faibj  promptly  to  furnish  such  certificate 
shall  furnish  a  detailed  Ust  of  its  policies  and  securities. 

Foreign.— Annual  statements  of  the  business  and  condition  of  the 


»(( 


MTATI1TK    IlKqi  IKKMKNTH. 


ronumnv   nth.-r  than  tliat    ivlutinn  f.  its  ulTairH  in  tl.o  nnit.ul  Ht8t...8 

Bl.uw  (h.. iiti-.i  "f  tl...  rumimi.y  ni,  tl.r  pivro-liiiK  .list   -lay  .1 

c . ,   ,.'        In  ralnilatinK  tl,.-  .vinHnnnu..  f.uul  to  .l.-t.-rnun..    I..   ■  « 
r;u.;suc.h   ....npuny  ,..  ,lnl.uHin...   in  t   .s   S,.a.   '^;;    --.;^;; 
bo  .M.mimt...!  only  up.m   .tn   hus-n.-s.   in   '''•','''', '^^^^ 
baBis"  I.f  such  n-insuran.v  Inn.l  so  iv.in.nMl  sl.all  li.'  tlio  uHHetn  of  HUcti 
company  hold  and  inv.mt.-d  in  tho  Unit*-.!  SUUos. 

Fees  -For  lllin^r  .■.•rtili(Hl  <'opy  of  ohnrtor,  Iwonty-livo  dnllui'H, 
K,„.  ..ach  cortilicttto  of  authority  and  (vrlillod  ropy  tho.oof,  Uo 

'^""I'w  every  copy  of  at.y  pap<.r  lilo.l  in  tlu-  ''"'l-' '■"-',•, 'J-'I^i;;:;;;: 
,„.,•  fnlio;  nud  ioramxinK  tin-  ollicial  soal  to  «uch  copy  and  .•o.Hf>n.n 

"'"  ?;;;■  va'm.rJin..  of  iif.  insnran-o  .-.■npanio.  thirty  dollars  por 
n.iilion  of  insuninco,  or  any  frarlion  thoivof. 

lA.r  ollicial  oxaniination  of  con.iiaiin's  under  this  act,  the  actual 
oxpi'UHCs  incurred. 

Taxes  and  Licenses.-Kvory  company,  upon  procuri.ig  from 
tl>oTim.niS,.r  a  crtilicato  of  authority  or  hconsc,  Bh.dpajMno 
to  Stat,.  Tn-asurv  annually  the  Hun.  of  thror  hundiv.l  dollars,  and 
nrmo  t^^^^^^^^  lor  any  Ira.'tion  of  th.  year  it  shall  do  busn-sH  ni  th., 

STir  o  ^  firnt  day  of  May  tioxt  after  its  adnuss.un.  The 
S  ,s  'veryc  .n.pa..yaro'rc.pnred  to  n-port  un.ler  oath  the  amount 
ot .  ros  pn..nimns  reched  in  the  State  ea.d.  i.-enso  year,  and  t  a  ax 
,  tne  ami  one-half  p.-r  cent,  upon  sm-h  prenuun^  '"r'stl  e  Tr^  T 
of  the  license  tax.  such  excess  shall  be  paid  mto  ho  btato  lieasuiy 
before  the  license  of  such  company  shall  bo  renewed. 
Reciprocal  provision  in  reference  to  taxes. 

Penalties  —Any  person  or  company  violating  any  of  the  proyi- 
sio.^oMaw  n,U.tinK  tl,  insurant  shall  be  subject  to  a  fine  not  loss 
than  one  huiulred  nor  mare  than  one  thousand  dollars. 


MASSACHUSETTS. 
SiEriiEN  H.  Rhodes,  Insurance  Comnmsioner. 

A  dmission.— Kyery  company  desiring  to  transact  business  in  this 
Statt Tfore  adn.ission  must  file  with  the  Insurance  Comnnssionor- 

A  cony  of  the  charter  of  the  comi^any  duly  certitied. 

X  statement  signed  and  sworn  to  by  the  I'res.dent  and  Secretary 
of  tlie  company,  in  the  form  prescrib.-d  for  annua  statements. 

Every  con,p;ny  shall  appoint,  in  writing,  a  citizen  and  resident  of 
this  State  as  general  agent,  upon  whom  all  process  of  law  aga  nst  the 
cXan^nay  be  served  with  like  effect  as  if  the  company  existed  m 
jr  State  A  copy  of  said  writing,  duly  certified  and  authenticated 
s  all  be  filed  with  the  Insurance  Commissioner.  Tins  agency  shall  be 
contnued  while  any  liability  remains  outstanding  against  the  com- 


HTATI  TK    IlKgnUKMKNTK, 


37 


|tnit»>(l  Htatt'H, 
,Tiir,  and  hIiiiII 
st  liny  <>•'  '*'■■ 
miin'  tilt'  riulit 
III'  WHIM'  sliall 
^lillt'H.  "Tlio 
!  IWHetH  of  HUch 

Ivo  dollars. 

ly  thoioof,  two 

t,  twt'iily  cents 
uiid  cortifyiiiu' 

irty  ddUiifs  [)or 
act,  the  actual 

procuring  from 
',  shall  i)ay  into 
red  dollars,  and 

business  in  tlio 
admission.  Tlio 
mill  tlio  amount 
iiir,  and  if  a  tax 
H'ds  tlu!  amount 

fcitatu  Treasury 


ny  of  tho  provi- 
,0  a  fine  not  less 


issioner. 

t  business  in  this 

,'ommissionor — 

L>d. 

lit  and  Secretary 

itements. 

1  and  resident  of 

:  law  agiiinst  the 

tipany  existed  in 

id  authenticated, 

is  agency  shall  be 

against  the  coni- 


Imlld    to  lll(> 

bv  said  liisiir- 


nanv  in  this  Stafo,  Aud  the  power  shall  not  l.e  revok.'d  untd  the  sanin 
power  is  given  (o/inotiieran.l  a  like  n.py  tiled.  Tl,e  general  agent 
shall  exeeute  a  bond  to  tin.  Treasurer  of  the  State,  witlioiie  or  moro 
sureties  to  he  approved  l.v  him,  in  the  sum  of  two  thoiisaml  dollars, 
conditiomt.!  tiiat  h.>  will  accept  service  of  all  lawful  process  against  the 
company. 

Certlficatf^'  and  Agents.  -"Rvery  agent,  hefon-  transa.-tingany 
busiiu's.s,  mu4  procure  from  the  Coiiimis.-ioner  a  certilinite  ol  authority 
for  each  company  for  which  ho  propo,Hes  to  act,  which  shall  continue 
in  force  until  the  lirst  dav  of  tin-  next  .\l.ril,  au<l  shall  he  ronew.;d  on 
said  <hiy  and  annually  tluMvalter  s.,  h.ng  as  such  company  coutmuoH 
business  in  this  State. 

Kvery  agent  of  a  Kiie  or  Marine  company  must  giv( 
Treasurer  of  the  State,  with  sunicient  sureties  approvc'd  ' 
an.'e  Commissioner,  in  th<' sum  of  two  thousand  dollars,  condiliwued 
that  he  vflll  pav  as  provided  by  the  laws  of  this  State  the  taxes  im- 
posed  bv  law  upon  all  premiums  charg.'d,  receive.l,  or  collected  by 
him  or  mider  his  authority  for  th.^  comi.any  or  companies  ol   wliicii  he 

is  agent.  ,,„  i      »    i 

lOvery  agent  of  everv  other  company  (except  a  hie  company  located 
in  a  State  whi.'h  does  not    impose  ta.xes  upon  the  lU'cmium  receipts  o 
Life  compani.-s  of  this  State  doing  business  in  such  .^tlier  State)  shall 
give  a  bond   to  the  Treasurer,  with  one  or  more  su.'cties  appiovcMl   l,y 
the  Insurance  Commissioner.,  in  the  sum  of   two  thousand  dollurs,  con- 
ditioned that   h(.  will,  on  or  before  the  lifteentli  day  of   Noveml.er  in 
each  vear,  make  return  on  oath  to  the  Tn-asurer  of  the  amounts  insurod 
bv  him,  the  premiums  received  and   assessments  collected    in  the  State 
during  the  year  ending  on  the  preceding  thirty-lirst  dav  ol   <  cto her, 
and  at  the  sam(^  tim(>  pav  to  the  Treasurer  tlu^  ta.xes  provided  by  law. 
Every  agent  sliidl  exJiibit  in  conspicuous  letters  on  the  sign  designat- 
ing his  place  of  business  tlie  name  of  the  State  under  whose  autlio.rity 
the  company  he  represents  is  incorporated.      .\n.l  such  compaiiy  and 
agent  shall  "have  printed   in  large  type  upon  all  police's  is.siied   iii  tins 
State,  and  on  all  cards.  pami)hlets,  placards,  or  advertisements  pul>- 
lish(^d,  issued,  or  circulated  in  this  State,  tho  name  of  such  Slate  and 
the  kind  of  business  transacted. 

Examinations  and  Impairments.— The  commissioner  may  at 
any  time  examine  the  affairs  of  any  company  transacting  business  m 
this  State,  and  its  directors,  odicers,  and  agents  under  oath  m  relation 
to  its  affairs.  He  may  tor  sullicient  cause  revoke  the  certihcate  ot 
authority  granted  on  behalf  of  any  company. 

If  the  assets  of  anv  lire  coini)anv,  after  setting  aside  a  sum  equal 
to  its  outstanding  liabilities  and  re-insurance  fun<l,  do  not  amount  to 
more  than  three- fourths  of  its  capital  stock,  the  company  shall,  by 
assessing  the  stock  for  the  difference,  n^pair  iU  .'apital  to  the  original 
amount,  and  failing  to  do  so  shall  not  be  permitted  to  do  business  in 

this  State.  ....  , 

If  the  assets  of  any  life  company  are  not  equal  to  its  lial)ilitics  and 
premium  reserve  computed  as  required  by  law,  the  Comnussioiiei' shall 
give  notice  to  the  company  to  discontinue  the  issue  of  new  policies. 


38 


STATUTK    HEQI'IHEMKNTS. 


Fire  and  Marine. — Every  stock  fire  c()ini)any  sliall  possess  a 
capital  paid  up  of  not  less  than  two  hundred  thousand  dollars. 

Every  stock  marine  or  fire  and  niariiio  company  shall  possess  a 
paid-up  capital  of  not  less  than  three  hnndied  thousand  dollars.  Every 
mutual  lire  company  must  possess  available  funds  over  and  above  all 
liabilities  equal  to  lifty  per  centum  of  all  premiums  received  in  cash  on 
policies  in  force,  and  have  premium  notes  liable  to  asses.sment  amount- 
ing to  at  least  two  millions  of  dollars.  And  such  company  ahall  keep 
a  cash  deposit  in  this  State  of  not  loss  than  two  hundred  thousand 
dollars  for  the  security  of  ]iolicy-holdors. 

vVnnual  statements  umst  be  filed  on  or  before  the  fifteenth  day  of 
January  in  each  year,  showing  the  condition  of  the  company  on  the 
preceding  thirty-finst  day  of  December.  The  Commissioner  for  cause 
may  extend  the  time  for  filing  such  statement. 

The  re-insurance  fund  shall  be  computed  at  fifty  per  cent,  of  the 
premiums  received  on  fire  and  inland  risks  and  full  amount  of  premi- 
ums received  on  marine  risks. 

Tiie  mayor  and  aldermen  of  the  several  cities  and  the  selectmen  of 
towns  having  more  than  four  thousand  inhabitants  shall,  before  the 
first  day  of  October,  in  the  year  eighteen  hundred  and  seventy-three, 
divide  their  respective^  cities  and  towns  into  fire  insurance  districts, 
and  immediately  thereafter  file  plans  and  specifications  thereof  with 
the  Insurance  Commissioner,  and  the  same  shall  be  subject  to  his 
approval;  and  if  he  disapproves  the  same,  the  mayor  and  aldermen  or 
selectmen  shall  forthwith  re-district  such  city  or  town  in  conformity  to 
his  requirement.  And  no  company  or  association  transacting  the  busi- 
ness of  fire  insurance  in  this  Commonwealth  shall  after  said  first  day  of 
October  take  or  have  at  risk  on  property  other  than  dwelling-houses, 
farm  buildings,  and  their  contents  in  any  town  or  such  fire  insurance 
district  of  a  city  or  town  therein,  an  amount  exceeding  its  net  assets 
available  for  the  payment  of  losses  in  Massachusetts;  and  in  comput- 
ing the  assets  of  such  company  or  association  insuring  property  upon 
the  mutual  principle,  its  premium  notes  shall  be  included.  "When 
from  any  cause  the  net  assets,  as  aforesaid,  of  any  such  company  or 
association  shall  be  reduced  to  a  sum  less  than  the  amount  taken  or 
held  at  risk  in  any  town,  or  any  such  fire  insurance  district  as  provided 
in  this  section,  such  company  or  association  shall  forthwith  either 
cancel  and  return  to  the  holder  the  unearned  portion  of  the  premium 
upon  poUcies  upon  property  in  such  territory  to  an  amount  equal  to 
the  difference  between  the  net  assets  and  the  amount  taken  or  held 
at  risk,  as  aforesaid,  or  effect  re-insurance  upon  such  property  for  a 
like  sum ;  and  no  such  cancellation  shall  take  place  except  after  notice 
to  the  holder  of  the  policy.  Every  such  company  or  association  shall 
annually,  on  or  before  the  fifteenth  day  of  January,  return  to  the 
Insurance  Commissioner  a  sworn  statement  of  the  amount  taken  or 
held  at  risk  in  each  town,  or  fire  insurance  district  of  a  city  in  this 
commonwealth,  on  the  thirty-first  day  of  D"  -ember  next  preceding. 
The  Insurance  Commissioner  may,  whenever  le  deems  expedient,  re- 
quire of  said  companies  or  associations  such  a  statement  or  any  part 
thereof;  he  may  also  require  such  other  information,  and  adopt  such 
niles  and  regulations  as  lie  may  deem  proper  and  necessary  to  procure 
reliable  information  upon  this  subject. 


8TATUTK    REQUIKEMENT3. 


39 


'  sliall  possess  a 
(1  dollars. 
y  shall  possess  a 
d  dollars.  Every 
,'er  and  above  all 
coived  in  cash  on 
sessment  amount- 
mpany  whall  keep 
uudrod  thousand 

('  fifteenth  day  of 
I  company  on  the 
issioner  for  cause 

Y  per  cent,  of  the 
amount  of  promi- 

l  the  selectmer.  of 
sliall,  before  the 
nd  seventy-three, 
iisurance  districts, 
ions  thereof  with 
be  subject  to  his 
•  and  aldermen  or 
1  in  conformity  to 
insacting  the  busi- 
3r  said  first  day  of 
a  dwelling-houses, 
iich  fire  insurance 
ling  its  net  assets 
i;  and  in  comput- 
ng  property  upon 
included.  When 
such  company  or 
amount  taken  or 
istrict  as  provided 
1  forthwith  either 
in  of  the  premium 
amount  equal  to 
ant  taken  or  held 
ch  property  for  a 
3xcept  after  notice 
)r  association  shall 
,ry,  return  to  the 
amount  taken  or 
t  of  a  city  in  this 
ir  next  preceding, 
ems  expedient,  re- 
Rment  or  any  part 
n,  and  adopt  such 
cessary  to  procure 


Tn  all  insurance  against  loss  by  fire,  the  conditions  of  the  insurance 
shall  bo  stated  in  the  body  of  the  policy,  and  no  conditions  not  so 
stated  shall  be  considered  a  part  of  the  contract. 

Life. — Every  company  must  possess  available  cash  funds  to  the 
amount  of  one  hundred  thousand  dollars. 

Annual  statements  must  be  filed  on  or  before  the  fifteenth  day  of 
January  in  each  year,  showing  the  condition  of  the  company  on  the 
l)receding  thirty-first  day  of  December.  The  Commissioner  may  ex- 
tend the  time  for  filing  annual  statements.  The  Commissioner  is 
required  to  aninially  calculate  the  present  value  of  all  policies  in  com- 
panies transacting  business  in  this  State.  The  basis  of  such  valuation 
is  the  Actuaries'  or  Combined  Experience  Table  of  Mortality,  with 
interest  at  four  per  cent,  per  annum. 

Foreign. — The  capital  of  any  such  company  consists  of  the  securi- 
ties it  liafTon  deposit  wtth  the  several  insurance  or  other  departments 
of  the  various  States,  and  of  the  net  assets  in  the  hands  of  trustees, 
residents  and  citizens  of  the  United  States,  approved  by  the  Commis- 
sioner, for  the  general  benefit  and  security  of  all  policy-holders  in  the 
United  States.  The  amount  of  any  one  hazard  or  risk  assumed  by 
any  such  company  in  this  State  shall  be  limited  to  ten  per  cent,  of  its 
capital  so  determined.  Annual  statements  verified  and  sworn  to  before 
some  Consul  or  Vice-Consul  of  the  United  States  by  two  of  the  prin- 
cipal officers  of  the  company  shall  be  filed  in  the  month  of  November 
in  each  year,  showing  the  condition  and  affairs  of  the  company  for 
the  preceding  calendar  year. 

Supplementary  annual  statements  shall  be  filed  on  or  before  the 
fifteenth  day  of  January  in  each  year,  showing  the  investments  and 
condition  of  the  company  in  the  United  States  the  preceding  thirty- 
first  day  of  December. 

No  such  company  shall  re-insure  any  risk  taken  in  this  State  in 
any  company  not  authorized  to  transact  business  in  this  State. 

Fees. — For  filing  certified  copy  of  charter,  thirty  dollars. 

For  filing  statement,  twenty  dollars. 

For  agent's  certificate,  two  dollars. 

For  certificate  of  valuation,  two  dollars. 

For  valuation  of  life  policies,  one  cent  for  each  one  thousand  dol- 
lars of  insiirance  valued. 

For  copies  of  any  paper  on  file  in  the  office  of  the  Commissioner, 
twelve  cents  per  page;  and  for  certifying  the  same,  one  dollar. 

Keciprocal  provision  in  reference  to  fees. 

Taxes. — Every  agent  of  any  company  /liable  to  pay  a  tax  in  this 
State)  shall,  between  the  first  and  fifteenth  days  of  November  in  each 
year,  make  to  the  tax  commissioner  a  return,  signed  and  sworn  to  by 
him,  of  the  amount  insured,  premiums  received,  and  assessments  col- 
lected by  him  for  tlie  year  ending  on  the  preceding  thirty-first  day  of 
October.  The  tax  commissioner  shall  thereupon  notify  each  agent  of 
the  amount  of  tax  due  from  him.  Such  tax  shall  be  paid  to  the 
Treasurer  on  the  tenth  day  of  December  next  succeeding. 

Every  company  (except  foreign  companies  and  life  companies)  shall 
pay  a  tax  of  two  per  cent,  upon  all  premiums  collected  in  this  State. 


g  Bi^ai«cei^w:iryj»™«?— *■ 


40 


STATl'TE    HKyl'lKEMKNTS. 


Evnrv  foroiffii  company  sliall  pay  a  tax  of  four  per  contnm  iii)on 
all  pnMiuums  .■ollcctc.l  in 'this  State,  oxc-opt  that  when  such  company 
shall  show  that  it  has  on  .Icposit.  or  in  the  luuuls  of  trusto.-s  in  tu,. 
TTnitcd  States,  securities  of  tin;  value  of  two  lum.lre.l  tli.Misa.ul  dollars, 
available  at  all  times  for  payment  of  losses  in  tins  State,  th(>  tax  on 
tlic  i.nMniums  of  such  company  shall  bo  assessed  at  only  two  per  cont. 

Life  companies  ar<>  taxed  un.ler  provisions  of  reciprocal  statute. 

l{e.'ii»rocal  provision  in  reference  to  any  other  or  greater  taxes  than 
those  imposed  liy  the  laws  of  this  State. 

Penalties.— A  contract  of  insurance  made  by  any  (company  with- 
out complvinu;  with  the  provisi(ms  of  law  shall  be  valid,  but  the  agent 
pro(-uring'  tiie  insurance  shall   bo   liable  to  a  fine  not  exceeding  one 

thousand  dollars.  .  -n     ^      c      ^i,„„j 

Anv  agent  doing  business  without  procuring  a  certificate  ot  authori- 

ty  or  failing  to  make  annual  returns,  and  for  various  other  otfonses,  is 

sul.iect  to  a  penalty  of  five  hundred  dollars  for  each  offense. 

Anv  company  failing  to  file  a  statement  witliin  the  time  prescribed 

by  law  is  subject  to  a  penalty  of  one  hundred  thousand  dollars  tor 

each  day's  neglect. 


MICHIGAN. 
Samuel  H.  Row,   Insurance.  Commissioner. 

Admission.— Everv  company  desirhig  to  transact  business  in  this 
State,  before  admission' must  file  with  the  Commissioner  a  certified 
copy  of  its  charter,  or  deed  of  settlement. 

A  statement  under  the  oath,  of  the  President,  or  \.  ice-President,  or 
other  chief  olficer  and  Secretary  of  the  company,  stating  the  name, 
location,  capital,  and  condition  of  tlie  company.  ,         j, 

A  copy  of  the  last  annual  report,  if  any  made,  under  any  law  ot 
the  State  by  which  such  company  is  incorporated. 

Every  company  shall  appoint  an  attorney  m  this  State,  onwtiom 
processes  of  law  can  be  served,  and  shall  file  with  the  Commissioner  a 
certified  copy  of  the  vote  or  resolution  of  the  board  of  directors  ap- 
pointing such  attorney,  which  appointment  shall  continue  until  another 
attorney  shall  l)e  substituted.  .    . 

Every  company  shall  also  file  with  the  Commissioner  a  written 
stipulation,  duly  authenticated  by  the  company,  stipulating  and  agree- 
ing that  any  legal  process  alfecting  such  company,  served  on  the  in- 
surance Commissioner  or  his  deputy,  shall  have  the  same  eiioct  as  if 
personally  served  on  the  company  or  its  authorized  attorney  m  this 

State 

When  any  process  affecting  any  company  is  served  on  the  Commis- 
sioner or  his  deputy,  the  same  shall  be  by  duplicate  copies,  one  of  which 
shall  be  filed  in  the  office  of  the  Commissioner,  and  the  other  immedi- 
ately mailed,  postage  pre-paid,  to  the  home  office  of  the  company,  or  to 
the  branch,  or  general  agency  of  the  company,  or  to  the  address  pf  the 
authorized  resident  attorney  in  this  State,  as  the  company  may  designate 
in  such  stipulation. 

Certificates  and  Agencies.— Every    company,   before    trans- 


contum  upon 
such  company 
tnistocs  in  thts 
Misiind  dollars, 
it(«,  th(>  tax  on 
,•  two  per  cont. 
ical  statute, 
iter  ta  xes  than 


company  with- 
,  but  tlu!  ii^ont 
exceeding  one 

mte  of  authori- 

hoi"  otTcnses,  is 

enso. 

inie  [jrescrilied 

nd  dollars  for 


business  in  this 
oner  a  certified 

ce-President,  or 
ating  the  name, 

Qder  any  law  of 

State,  on  whom 
Commissionor  a 
of  directors  ap- 
ue  until  another 

;ioner  a  written 
iting  and  agree- 
erved  on  the  In- 
5ame  effect  as  if 
attorney  in  this 

on  the  Commis- 
ies,  one  of  whicli 
le  other  immedi- 
e  company,  or  to 
le  address  of  the 
ly  may  designate 


r,    before    trans- 


STATUTK    HKQITIHKMK.NTS. 


41 


acting  business  in  this  State,  must  procure  from  the  Commissioner  a 
ccrfiticato  of  autiiority  or  license. 

Every  agent  of  a  fire  or  marine  insurance  company  must  procure 
from  the  Comndssioner  a  certificate  of  authority,  and  file  a  certified 
copy  thereof  with  the  clerk  of  the  county  in  which  his  agency  is  estab- 
lished, together  with  a  copy  of  the  sfateiucnt  (pf  the  comiwuiy.  A  copy 
of  such  ccrtilicateof  authorily  and  .'Statement  shall  be  published  in  some 
paper  of  genei-al  circulation  in  the  State,  four  succe.ssiv(>  times,  and  proof 
of  siu'h  publication  be  filed  in  the  otHce  of  the  Commissioner. 

y\  II  certificates  must  be  renewed  annually,  and  agents  of  fire  and 
marine  companies  are  required  to  annually  file  copies  of  such  certifi- 
(tates  with  the  clerk  of  every  county  in  which  the  company  has  agents, 
but  publication  of  such  renewal  cei'tificate  is  not  required. 

Every  agent  of  a  fire  company  shall  in  all  advertisements  publisli 
the  location  of  the  company,  giving  the  name  of  the  city,  town,  or 
village  iiwwlii<'h  the  company  is  located,  and  the  state  or  government 
under  the  laws  of  which  it  is  organized. 

Examinations  and  Impairments. — The  Commissioner,  wlien- 
ever  he  shall  deem  it  expedient,  may  examine  into  the  affairs  and  con- 
dition of  any  company  transacting  business  in  this  State.  He  may,  if 
he  deems  it  for  the  best  interest  of  the  public,  publish  the  result  of 
such  (examination  in  one  or  more  papers  in  this  State.  Whenever  it 
shall  appear  to  the  commissioner  that  the  affairs  of  any  company  are 
in  an  unsound  condition,  he  shall  revoke  all  certificates  of  authority  or 
license  granted  in  behalf  of  such  company  and  publish  notice  of  such 
revocation  in  some  paper  of  general  circulation  in  the  State,  for  four 
weeks. 

No  fire  or  marine  company  can  transact  business  in  this  State,  if 
after  providing  for  its  proper  liabilities  and  reinsurance  fund,  computed 
as  required  by  law,  its  capital  stock  is  impaired  to  the  extent  of  fifteen 
per  cent.  No  life  company  can  transact  business  in  this  State  if  its 
assets  are  not  equal  to  its  outstanding  liabilities  and  premium  reserve, 
ascertained  as  required  by  law. 

Fire  and  Marine. — F]v(^ry  stock  company  must  possess  a  paid-up 
capital  of  at  least  one  hundred  thousand  dollars. 

Annual  statements  must  be  filed  on  the  first  day  of  January  in  each 
year,  or  within  one  month  thereafter. 

Th(!  reinsurance  fund  is  computed  at  fifty  per  cent,  of  premiums 
received  on  all  unexpired  fire  risks  having  less  than  one  year  to  run — 
a  pro  rata  of  all  premiums  receiveci  on  unexpired  fire  risks  that  have 
more  than  one  year  to  run;  the  whole  amount  of  the  deposit  or  pre- 
mium upon  perpetual  policies;  all  the  premiums  received  on  unex- 
pired marine  and  inland  risks. 

No  company  shall  assume  any  one  risk  or  hazard  to  a  greater 
amount  than  ten  per  cent,  of  its  paid-up  capital. 

Liile. — Every  company  must  possess  one  hundred  thousand  dollars 
properly  invested,  and  must  deposit  the  same  with  the  Treasurer  of  this 
Suate  for  the  security  of  all  the  poli(;y-holders  of  such  company,  or 
furnish  the  Commissioner  a  certificate  under  the  hand  and  official  seal 
of  the  proper  officer  of  some  other  State,  showing  that  he  holds  on  de- 
6 


42 


aTATUTE    KKQl'IHKMENTS. 


posit  one  hundmi  thoUHaml  dollars  of  I  lie  assots  of  sncli  company  for 
the  gtMicral  luMK^fit  of  all  its  policy-holders,  and  statinu;  the  amount  and 
Bocui-iticH  so  lielii  by  him.  Fifty  thonsand  dollars  of  such  securities 
must  hi'  State,  or  (Tnited  States  bonds. 

Annual  statements  must  bo  filed  in  the  month  of  January  of  each 
year,  showing  the  aiTairs  an(i  condition  of  the  company  on  the  ;.re- 
cedinjf  iUst  day  of  December. 

Tiie  I 'omnassioner  shall  accept  a  fMjrtificate  of  valuation  from  the 
Commissioner  or  other  state  officer  of  some  other  state,  when;  an 
official  valuation  of  the  policies  of  any  company  are  made,  showing 
the  amount  of  such  valuation,  and  tlie'  basis  upon  which  it  was  made. 

If  such  certificate  be  not  furni.shed,  the  CJommissioner  sliall  annu- 
ally value  tlie  policies  of  sucli  company. 

"  In  making  such  valuation  he  shall  assuuH!  the  rate  of  mortality 
shown  by  the  American  Experience  Table,  with  interest  at  four  and 
one-half  per  cent,  per  annum. 

Foreign.— Annual  statements  shall  be  filed  on  the  first  day  of 
June  in  ea<!li  year,  or  within  sixty  days  after  the  annual  meeting  of  the 
company  as  specified  in  its  charter. 

Supplementary  annual  statements  shall  be  filed  on  the  first  day  of 
January  in  each  "year,  or  within  sixty  days  thereafter,  showing  the 
business  of  the  company  in  the  United  States  for  the  year  ending  on 
the  preceding  31st  day  of  December. 

Fees. For  valuation  of  life  policies,  one  cent  for  each  one  thou- 
sand dollars  insurance  valued. 

For  examination  of  companies,  the  actual  expenses  incurred. 
Reciprocal  provision  in  reference  to  life  companies. 

Taxes.— Every  company,  excepting  those  insuring  life,  at  the 
time  of  filing  its  annual  statement  shall  file  a  statement  of  the  gross 
amount  of  premiums  receivc^d  in  this  State,  during  the  preceding  year, 
with  the  State  Treasurer,  and  shall  pay  a  tax  of  three  per  cent,  thereon. 
Every  company  insuring  life  slsall  at  the  time  of  filing  its  annual 
statement  pay  to  the  State  Treasurer  a  tax  of  two  per  cent,  on  all 
premiums  received  in  cash,  or  otherwise,  by  such  companies  or  their 
agents,  or  from  insured  parties  residing  therein  during  the  ])recednig 
year.     This  specific  tax  shall  be  in  lieu  of  all  other  taxes  in  this  State. 

Penalties. — Fire  companies  transacting  business  in  this  State, 
without  complying  with  the  provisions  of  the  law,  are  subject  to  a  pen- 
alty of  five  hundred  dollars,  and  an  additional  penalty  of  one  hundred 
dollars  for  each  month  they  shall  continue  such  illegal  business. 

Life  companies  and  their  agents  doing  business  without  complymg 
with  the  law  are  subject  to  a  penalty  of  one  hundred  dollars  for  each 
policy  issued. 

MINNESOTA. 

Pennock  Pusey,  Insurance  Commissioner. 

Admission. — Every  company  desiring  to  transact  business  in  this 
State,  before  admission  must  file  with  the  Insurance  Commissioner— 


Ii  company  for 
\e  amount  antl 
iuch  securities 

muary  of  each 
ly  on  the  j^re- 

ttion  from  the 
Late,  wlien;  an 
nade,  showing 
it  was  made, 
ner  sliall  anna- 
te of  mortality 
est  at  four  and 


\e  first  day  of 
meeting  of  the 

the  first  day  of 
n',  showing  the 
year  ending  on 

each  one  thou- 
incurred. 


ng  lifo;  at  the 
!nt  of  tlie  gross 
preceding  year, 
sr  cent,  thereon, 
ling  its  annual 
)er  cent,  on  all 
ipanies  or  their 
g  the  i^receding 
es  in  this  State. 

!  in  this  State, 
ubject  to  a  pen- 
of  one  hiindred 
business, 
hout  complying 
dollars  for  each 


business  in  this 
Commissioner — 


STATl   IK    HKyI  IKKMKNT.-*. 


43 


A  certified  copy  of  il.'<  cliartiT  deed  of  settlement,  or  articles  of 
incorjioration,  or  a  statement  verified  by  the  sigiuUure  and  oath  of  the 
Vresideiit  or  Vice-rresidcnt  and  Secretary  or  Actuary,  showing  the 
condition  and  business  of  the  company. 

Every  company  (except  foreign  conipaiiies)  shall  lilc  witli  the  Com- 
missioner a  written  agreement  signed  liy  the  I'resident  and  Secretary, 
agreeing  upon  the  part  of  the  company  that  service  or  process  in  any 
civil  action  against  the  company  may  be  made  ui)on  such  agent  or 
agents  as  it  shall  dc^signate  in  sui-h  agreement,  and  authorize  such 
agent  or  agents  to  admit  service  of  process  for  and  in  ix^half  of  the 
company,  and  agreeing  that  such  service  shall  be  valid  and  binding 
upon  the  company. 

Foreign  companies  shall  file  with  the  ( 'ommissioner  a  written  stipu- 
lation, dnlv  autlicnticated  by  the  company,  agreeing  that  any  legal 
process  aiTecting  the  comi)any,  served  on  tlie  Insurance  (,-onimissioner, 
shall  hav»  the  same  effect  as  if  .served  on  the  company.  Such  com- 
pany may  at  its  option  designate  in  its  stipulation  its  principal  ofti(!e  or 
agency  iii  this  State,  and  nuiy  provide  for  service  to  be  made  also  upon 
th(i  person  in  charge  of  such  office. 

Certificates  and  Aeents— Every  company  must  procure  from 
the  Commissioner  a  certificate  of  authority,  showing  that  it  has  com- 
plied with  the  requirements  of  the  law  of  this  State,  and  is  entitled  to 
assume  risks  and  issue  policies.  Such  certificate  shall  be  published  in 
connection  with  the  annual  statement. 

Every  agent  must  procure  from  the  Commissioner  a  certificate  of 
authority  before  transacting  any  business  in  this  State. 

Such  certificate  must  be  renewed  annually,  within  sixty  days  from 
the  first  day  of  January. 

Every  company  and  agent  in  all  advertisements  of  the  company  or 
agency  in  this  State  shall  publish  the  location  of  the  company,  giving 
the  name  of  the  city,  town,  or  village,  and  State,  in  which  it  is  located, 
and  in  all  advertisements  and  circulars  in  which  the  capital  of  the 
company  is  stated,  the  amount  at  risk  the  preceding  thirty-first  day  of 
Decem.bcr  shall  je  stated. 

Examination  and  Impairments. — The  Commissioner  may  ex- 
amine or  cause  to  be  examined,  the  affairs  of  any  company  doing 
business  in  this  State,  whenever  in  his  opiiiion  the  interest  of  the 
policy-holders  require  it.  He  may  publish  the  result  of  any  exanuna- 
tion,  when  in  his  opinion  the  interest  of  the  public  require  it.  He 
shall  suspend  the  business  of  any  company  in  this  State  whenever  its 
assets  appear  to  him  insufficient  to  justify  its  continuance  in  business, 
by  suspending  or  revoking  the  certificates  granted  by  him  to  such 
company  or  its  agents,  and  shall  give  notice  of  such  action  to  the  in- 
surance" officials  of  every  other  State,  and  publish  notice  thereof  in  the 
papers  in  which  by  law  State  notices  are  required  to  be  published. 

A  fire  or  marine  company  cannot  transact  business  in  this  State  if 
after  providing  for  all  claims  against  it  and  a  re-insurance  fund  as 
required  by  law,  its  capital  stock  is  impaired  to  the  (extent  f)f  twenty 
per  cent.,  unless  such  impairment  be  made  good  within  sixty  days.     • 

A  life  company  cannot  transact  business  in  this  State,  if  its  assets 


41 


8TATVTK    KKt^nifRMKNTS. 


arc  not  ciiual   to  its  liatiilitics  ami  claims  a^jjaiiist  it  and  the  amount  of 
its  premium  rtiserve,  conipuUxl  as  n'(|uired  hy  law. 

Fire  and  Marine. — Every  fire  company  doing  business  in  tliis 
State  must  possess  a  paid-U[)  cajjital  of  two  hundred  thousand  dollars. 

Anuiial  statements  must  he  fileil  on  tht;  first  day  of  January  fn 
each  year,  or  within  sixty  days  thereafter,  showing  the  condition  and 
ailairs  of  the  company  on  the  luvceding  thirty-first  day  of  Dec>.'ml)er. 

Such  statement  must  bo  ])ul)lished,  at  lea>>t  three  times,  in  some 
newspa])or  of  general  circulation,  published  at  the  cajntal. 

The  re-insurance  fund  sludl  be  computed  as  follows:  fifty  per  cent, 
of  all  premiums  on  unexpired  fire  risks,  that  liave  less  than  one  yc-ar 
to  run;  u  pro  rata  of  all  prennunis  received  on  unexpin.'d  fire  risks 
that  have  more  tlian  one  year  to  run;  the  entire  premium  receiveil  on 
untsxpired  marine  and  inland  risks. 

Where  tlu^  fire  reserve  is  hiss  than  forty  per  cent,  of  all  the  fire 
premiums,  received  during  the  year,  the  whole  of  such  premiums  shall 
constitute  the  reserve  on  fire  business. 

No  fire  company  shall  expose  itself  to  a  greater  loss  on  any  one 
risk  than  five  per  cent,  of  its  paid-up  capital. 

Life. — Eveiy  company  must  possess  available  assets  to  the  amount 
of  one  hundred  thousand  dollars. 

Every  company  must  furnish  the  Commissioner  the  certificate  of 
the  proper  official  of  the  State  where  the  company  is  located,  showing 
that  as  such  official  he  holds  in  trust  and  on  dept)sit,  for  the  benefit  of 
all  the  policy-holders  of  the  company,  securities  to  the  amount  of  one 
hundi-ed  thousand  dollars,  and  stating  the  items  thereof,  and  that  he 
is  satisfied  such  securities  are  worth  one  hundred  thousand  dollars. 
Any  company  failing  to  furnish  such  certificate  shaU  nuike  a  like 
deposit  with  tlie  Commissioner  or  other  financial  ofiicer  of  this  State. 

Annual  statements  must  be  filed  on  the  first  day  of  January,  or 
within  sixty  days  thereafter,  showing  the  condition  of  the  company  on 
the  preceding  thirty-first  day  of  December.  Such  statement  must  be 
published  at  least  three  times  in  some  newspaper  of  general  circulation 
published  at  the  capital. 

The  ('ommissioner  is  required  to  make  a  valuation  of  all  the  out- 
standing policies  of  any  (sompany  doing  business  in  this  State,  if  such 
company  does  not  file  with  the  (Commissioner  the  certificate  of  the 
proper  official  of  the  State  where  the  company  is  organized,  giving  the 
value  of  all  its  policies,  calculated  upon  the  basis  required  by  the  laws 
of  this  State,  and  .stating  that  after  all  debts  and  claims  against  the 
company  are  provided  for,  it  has  in  safe  securities,  an  amount  equal  to 
the  value  of  its  pohcies. 

The  basis  of  valuation,  as  established  by  the  laws  of  this  State,  is 
the  American  Experience  Table  of  Mt)rtality,  with  interest  at  six  per 
cent,  per  annum. 

Foreign, — Every  company  must  deposit  with  the  proper  official  of 
some  one  of  the  States,  for  the  security  of  all  its  policy-holders  in  the 
Usited  States,  securities  to  the  amount  of  two  hundred  thousand  dol- 
lars, and  must  furnish  the  Commissioner  a  certificate  from  such  official 
that  he  holds  such  deposit,  and  stating  the  purpose  for  which  it  is 
held. 


ho  amount  of 

linoHs  in  tliia 
sand  dollars. 
'i  January  in 
•(iiiditioii  and 
)f  Dec>'nil)er. 
Ties,  in  sonic 

ifty  per  cent, 
han  one  yijar 
X'd  lire  risks 
1  received  on 

)f  all  the  fire 
cniiums  shall 

s  on  any  one 

0  tlie  amount 

certificate  of 
ited,  showing 
the  benefit  of 
iiount  of  one 
and  that  he 
sand  dollars, 
make  a  like 
)f  this  State. 
'  Januaiy,  or 
:  company  on 
lent  must  be 
al  circulation 

'  all  the  out- 
^tate,  if  such 
ficate  of  the 
d,  giving  the 

1  by  the  laws 
s  against  the 
ount  equal  to 

this  State,  is 
3st  at  six  per 

per  official  of 
olders  in  the 
thousand  dol- 
1  such  official 
ir  which  it  is 


STATUTE    RK()tTinKMK\T8, 


45 


The  capital  of  any  such  company  shall  he  the  aggregate  value  of 
all  deposits  in  the  various  States  for  the  security  of  policy-holders,  and 
its  assets  and  investments  vested  in  trustees  in  the  TJniU'tl  Stiites,  for 
the  security  of  the  policy-hoklers  and  creditors  of  the  company  in  the 
United  States,  after  deducting  tliei-efroni  the  amount  of  all  unpaid 
losses  and  claims  against  the  company,  and  amount  of  re-insurance 
reserve  on  the  business  of  the  comi)any  in  the  ITnited  States. 

The  (Vflnmissioner  must  annually  issu(>  to  such  company  a  certifi- 
cate showing  the  amount  of  its  so  (letermined  capital,  and  such  com- 
pany must  not  assume  any  one  risk  in  this  State,  greater  than  five  per 
cent,  thereof. 

Annual  statements  othei'  than  that  relating  to  business  in  the 
United  States,  shall  ))e  filed  on  or  bc^foi'e  the  first  day  of  July  in  each 
year,  showing  the  condition  of  the  company  on  the  preceding  thirty- 
first  day  of  Decemb(!r.  Such  stati'ment  must  be  published  at  least 
three  timesMn  soin(>  i)aper  of  general  circulation  at  the  capital. 

Fees. — For  filing  certified  copy  of  charter,  twenty-five  dollars. 

For  filing  annual  statement,  twenty  dollars. 

For  each  certificate  of  authority  and  certified  copy  thereof,  one 
dollar. 

For  (?very  copy  of  any  paper  filed  with  the  Cojumissioner,  twenty 
cents  per  folio,  and  for  affixing  seal  and  certifying  such  copy,  one 
dollar. 

For  valuing  life  insurance  policies,  ten  dollars  per  million  of  insur- 
ance, or  any  fraction  thereof. 

For  official  examinations  of  companies,  the  actual  expenses  in- 
curred. 

In  case  the  necessary  expenses  of  the  Commissioner  exceed  the 
fees  collected,  he  shall  assess  annually  such  excess  equally  upon  all 
companies  doing  business  in  this  State. 

Taxes. — A  tax  of  two  per  cent,  upon  all  premiums  collected  within 
the  State  during  the  year  ending  on  the  preceding  thirty-first  day  of 
December,  shall  be  paid  to  the  Treasurer  annually  at  the  time  of  issu- 
ing the  certificate  of  authority. 

Penalties. — Every  person  violating  any  of  the  provisions  of  the 
law  of  this  State  relating  to  insurance,  shall  be  punished  by  fine  not 
exceeding  one  thousand  dollars,  or  imprisonment  in  a  county  jail  not 
exceeding  six  months,  or  both.  Any  company  wilfully  neglecting  to 
file  any  statement  as  required  by  law,  shall  forfeit  one  hundred  dollars 
for  each  day's  neglect. 


MISSISSIPPI. 

H.  MosGROVK,  Auditor  of  Public  Accounts. 

.A.d.mission. — Every  company  desiring  to  transact  ]>usiness  in  this 
State,  must,  before  admission,  possess  an  actual  capital  of  one  hundred 
and  fifty  thousand  dollars,  and  must  file  with  the  Auditor — 

A  copy  of  the  charter,  or  act  of  incorporation  of  the  company. 


^g  STATUTE    UKQIIIRKMKNTH. 

A  statement  under  the  ..ath  of  the  Pnmlent  or  S.yrotarv  of  the 
corapany.  sliowinR  the  name,  location,  capital  stock,  a.ssets,  and  lial.iU- 

tio8  of  the  comimnv.  ,  •        i   i  „ 

'  \  written  instrument,  under  the  seal  ot  the  company,  siKUod  l.y 
its  President  and  Secretary,  auth-.rizinK  the  aK«M"t  o  the  company  to 
ack.n.wledKC  service  of  process  for  and  in  l.eludf  of  the  company  '■on- 
senting  that  service  of  proc-ess  upo.i  su..h  a^ent  shall  he  as  val  d  d 
l.inding  as  if  s.,rve.l  on  the  company,  and  waivm-  al  c  an.  of  t  oi 
hv  reaso.i  of  su.'h  service.  If  the  agent  r.^move  rom  this  State. 
ai.scon<l  or  conceal  himself  so  that  he  .'annot  he  served  with  proces.s,  o. 
;\  from  any  cause  any  company  should  he  without  an  "g'""^  "P'>» -^^e 
process  can  be  sin-ve<l,  then  siu-h  servu^e  may  he  made  on  the  State 
Treasurer  as  garnishee  of  such  company. 

Certificates  and  Agents.-Kvory  agent  shall  procure  from  the 
Auditor  a  certiiicate  of  authority,  before  transacting  business  m  tlus 

^""^Such  agent  shall  file  in  the  .jflice  of  the  chancery  court,  of  the 
county  in  which  he  desires  to  establish  an  agency  for  such  company,  a 
copy  of  tiie  statement  filed  with  the  Auditor  together  with  the  certifi- 
cale  of  autlH.ritv  issued  to  him,  and  shall  publish  such  statement  and 
certifu-ate.  for  three  successive  weeks,  in  some  newspaper  of  gene.al 
circulation  in  the  countv,  provided  such  statement  and  certificate  has 
not  been  previously  pul^lished  in  some  newspaper  of  general  circulation 

at  J^JJ^^'''^;^^,^.gp^^g  Qf  authority  shall  be  renewed  annually,  and  with 
copy  of  statement  shall  be  filed  and  published  as  aforesaid. 

Fire,  Marine,  and  Life.— Annual  statements  shall  be  filed  on  the 
first  day  of  March,  in  each  year. 

Foreign  —Every  company  must  furnish  evidence  to  the  satisfac- 
tion of  the  Auditor,  that  it  has  invested  in  the  stocks  of  some  one  or 
more  of  the  states,  or  of  the  United  States,  the  amount  of  one  hundred 
and  fifty  thousand  dollars,  and  that  such  stocks  are  held  by  citizens  ot 
the  United  States. 

DeDOSits  —Every  company  must  deposit  with  the  State  Treas- 
urer in  the  warrants  of  the  Auditor  drawn  on  the  Treasurer,  or  in  the 
certificates  of  indebtedness,  issued  under  the  act  of  the  Legislature  of 
■      this  State,  approved  June  i:5th,  1 870,  the  foUowmg  amounts: 

Each  company  whose  capital  does  not  exceed  two  hundred  and  fifty 
thousand  dollars,  the  sum  of  ten  thousand  dollars;  each  company 
whose  capital  exceeds  two  hundred  and  fifty  thousand  dollars  and 
does  not  exceed  five  hundred  thousand  dollars,  the  sum  of  fifteen 
thousand  dollars;  each  company  whose  capital  exceeds  five  hundred 
thousand  dollars,  the  sum  of  twenty  thousand  dollars 

The  legislature  may  at  any  time  require  United  States  stocks  to  be 
deposited  in  lieu  of  the  above-mentioned  funds. 

Fees  —For  issuing  each  license  and  receiving  statement,  two  dol- 
lars and  fifty  cents.  To  clerk  of  chancery  court,  for  fihng  each  state- 
ment, one  dollar  and  fifty  cents. 

Each  insurance  agent  shall  also  pay  a  license  fee  of  ten  dollars. 


I'crotary  of  the 
Bts,  and  liabili- 

any,  si^iiod  by 
ho  comiHiny  to 
company,  "on- 
lO  as  valid  and 
claim  of  error 
om  this  State. 
,vith  process,  or 
cnt  \i\nm  whom 
le  on  the  State 

■ociire  from  the 
)usiness  in  this 

y  court,  of  the 
.ich  company,  a 
with  the  certifi- 
statoment  and 
iiper  of  gonei'al 
I  certificate  has 
tieral  circulation 

uially,  and  with 
said. 

U  be  filed  on  the 


to  the  satisfac- 
jf  some  one  or 

of  one  hundred 
Id  by  citizens  of 

the  State  Trees- 
lasurer,  or  in  the 
e  Legislature  of 
nounts: 

undred  and  fifty 
;  each  company 
ind  dollars,  and 
!  sum  of  fifteen 
ds  five  hundred 

;ates  stocks  to  be 

itement,  two  dol- 
filing  each  state - 

f  ten  dollars. 


STATHTK    HK.yinUKMKNTS. 


47 


Licenses  and  Taxes.-A  tax  on  privileges  shall  be  I'-vi;'"!  '« 
follows,  to  wit:  on  each  insurance  company  doing  Imsmess  m  tlU8 
State,  one  thousand  dollars. 

Penalties.- Every  person  violatin-  any  of  th(<  provisions  of  law 
relating  to  insurance,  shall,  upon  conviction  then>o  ,  m  a".V«"»'-t  "[ 
competent  jurisdiction,  be  (ine.l  in  any  sum  not  exceedmg  one  tl""i^nnl 
dollars,  or  imprisoned  in  the  county  jail  not  more  than  thirty  days,  or 
both. 

MISSOURI. 
Celsus  Price,  Superintendent  of  the  Insurance  Department. 
Every  companv  desiring  to  transact  business  in  this  State,  before 
admission  shall  file  with  the  Superintendent— 

A  cmided  copy  of  its  charter,  or  act  of  incorporation. 
A  statement  under  the  oath  of  the  President  and  Secretary  (^   he 
company  showing  its  condition  and  alfairs  on  the  preceding  first  day 

°^   ATpy'of  the  last  annual  report,  if  any  was  made  in  compliance 
with  aV  law  of  the  State,  or  country,  by  which  such  company  was 

incorporated^  instrument,  or  power  of  attorney,  duly  signed  and  sealed^ 

authorizing  any  and  every  agent  that  is  or  ."'^•y  f «  Jjl"!  for  and 
company  in  this  State,  to  acknowledge  service  of  pr"C''^8/"^  ^"Jj 
in  behalf  of  such  company,  and  consenting  tliat  service  of  process 
upon  any  such  agent,  shSl  b'e  taken  and  held  to  be  -  jf  d  a^  ^f  --^ 
upon  the  .company,  and  that  in  case  such  company  shall  cease  to  trans- 
a  Unislness  in  thfs  State,  any  person  who  ha.  acted  as  -ch  agent 
shall  be  held  to  continue  agent  of  such  company  for  purposes  of 
process. 

Pfir+ifipatea  and  Agents.— Every  company,  previous  to  trans- 
actingtSL's^intSsst^:  shall  procure  from  fV'TlhfreSe' 
certifLte,  stating  that  such  ^o"^P^"y /'"^ -"^.f  ,f  .^^^.^^^  ^J^^^^^^^ 
ments  of  law  and  authorizing  it  to  do  business  in  this  State  A  certi 
S  cipy  o7'such  certificate  shall  be  filed  in  the  office  of  the  recorder 
of  every  county  where  the  company  has  an  agency  or  oflice,  and  shall 
£  the  authority  for  such  company  and  its  agents  to  transact  business 

'"  'Sh  TeSmcate  shall  be  renewed  amiuaUy,  and  a  certified  copy  of 
such  renewed  certificate  filed  with  the  recorder  within  sixty  days  after 
the  first  tlay  of  January  in  each  year.  _ 

Examinations  and  Impairments.— The  Superintendent,  when- 
eveffeSrhP^eJood  reason  to  suspect  that  the  affairs  of  any  com^ 
piny  are  in  an  unsound  condition,  shall  require  of  «^cb  conipa^y  a 
Lecial  statement  of  its  affairs,  and  if  he  shall  not  be  satisfied  that  the 
Xirs  of  such  company  are  in  a  safe  condition  he  shall  have  power  to 
make  an  examTnation  of  its  affairs.  He  may,  if  he  deem  it  for  the 
Snefit  of  the  THiblic,  publish  the  result  of  such  examination  m  some 
newspap  r  ^ished'iS  the  city  of  St.  Louis.     If  it  shall  appear  from 


48 


HTATtJTK    HKyUIRKMKNTS. 


Biich  examination  that  tlio  atTiiirs  of  any  company  nn'  in  an  nnHound 
condition.  In-  «liall  rtsvokt;  tint  wrtilicatc!  of  antliority  j^rantcd  to  .siu'li 
c()nii)any,  and  piihlisii  notice  of  sucii  revocation,  at  l«'ast  once  a  weeic 
for  lour  weeiiH,  in  sonie  newspaper  pulilislied  in  the  city  of  Ht.  Louiw. 
If  any  lire  or  marine  company,  after  lieinff  cliarj^od  with  its  liabihtioH, 
and  a  re-inHuraiuu*  fund  as  r(!(juired  liy  law,  lias  its  capital  stoci<  .m- 
pairiMl  to  the  extent  of  twenty  per  cent.,  it  cauimt  transact  business  in 
tiiis  State. 

Fire  and  Marine, — Kvery  stock  company  sliall  possess  a  paid-up 
capital  stock  of  at  least  one  hnndred  thousand  dollars. 

Animal  statements  shall  he  filed  on  the  lirst  day  of  January,  in  each 
year,  or  within  thirty  days  tliereafter,  showing  the  alTairs  and  condition 
of  the  company  on  the  preceding  Hist  day  of  Dc-cemher. 

Life. — Every  stock  company  must  pos.scss  an  actual  paid-up  capital 
of  one  himdred  thousand  dollars,  and  every  mutual  company  must 
possess  assets  to  the  amount  of  one  hundred  thousand  dollars. 

Every  company  must  have  on  d(!i)osit  with  the  proper  officer  of  the 
State  where  it  is  incorporatoii.  for  the  security  of  all  its  policy-holders, 
one  hun<lred  thousand  dollars  in  stocks  and  bonds  of  the  Ignited  States, 
or  of  the  State  where  it  is  incorporated,  or  of  this  State,  or  loaned  on 
bonds  or  not(!S  secured  by  tnortgages  of  uninciimlxtrod  real  estate, 
worth  double  the  amount  loaned,  and  must  file  with  tlu;  Superintendent 
a  certificate  und(>r  tlu;  hand  and  official  seal  of  the  oflicer  holding  such 
deposit,  certifying  that  he  holds  in  trust  and  on  deposit  for  the  benefit 
of  all  policy-holders  of  the  company,  such  stocks  and  securities,  and 
statiuf;  their  character,  and  that  ho  is  satisfled  they  are  worth  one 
bundled  thousand  dollars. 

.'^  nmial  statements  must  be  filed  on  the  first  day  of  January,  in 
each  year,  or  within  tliirty  days  thereaftm-,  showing  the  condition  of 
the  company  on  the  preceding  3l8t  day  of  December. 

The  Supcrintendfmt,  once  in  every  five  years,  shall  make  or  cause 
to  be  made  a  valuation  of  all  the  outstanding  iiolicios  of  every  Ameri- 
can life  insurance  company  doing  busini'ss  in  this  State.  Such  valua- 
tion shall  be  made  upon  the  basis  of  tlie  American  Experience  Table 
of  Mortality,  with  interest  at  four  and  one  half  per  an\X.  per  annum, 
valuing  only  net  premiums. 

Misrepres(!ntations  made  upon  procuring  a  policy  of  insurance  upon 
life  slmll  not  be  deemed  material  or  render  the  policy  void,  uide.ss  the 
matter  misrepresented  shall  actually  contribute  to  the  contingency  or 
event  on  which  the  policy  is  to  become  due  and  i)ayable. 

In  suits  upon  life  policies,  no  defense  based  upon  misrepresentations 
in  obtaining  the  same  shall  be  vaUd,  unless  the  defimdant  company 
shall  at  or  before  the  trial  deposit  in  court  for  the  benefit  of  the  plain- 
tiffs the  pi-emiums  received  on  such  policy,  after  March  1874,  with 
interest  from  the  time  so  received,  at  six  per  cent,  per  annum. 

Foreign. — Every  life  insurance  company  must  either  deposit  in 
this  State,  or  in  some  one  of  the  other  states  of  the  United  States,  for 
the  benefit  of  the  policy-holders  of  such  company,  citizens  or  residents 
of  the  United  States,  one  hundred  thousand  dollars,  in  safe  stocks  or 
securities. 


ill   ill)    IIMSdlllld 

I'fintcd  to  .HiU'h 
t  onci!  u  W('t!k 
r  of  St.  Ijouin. 
1  its  liabilitii'H. 
lital  stock  '.111- 
wt  buninoss  in 

ssess  a  paid-up 

iiiiarv,  in  oacli 
i  and  condition 

paid-up  capital 
'ompany  must 
(lilars. 

■r  officer  of  the 
policy-holders, 
Ignited  Statos, 
!,  or  loaned  on 
ed  real  estate, 
superintendent 
r  holding  such 
for  the  benefit 
securities,  and 
ire  worth  one 

of  January,  in 
le  condition  of 

make  or  cause 
f  every  Aniori- 
,  Such  valua- 
pcrience  Table 
t.  per  annum, 

nsurance  upon 
'oid,  unless  the 
contingency  or 

representations 
idant  company 
it  of  the  plain- 
rch  1874,  with 
nnuin. 

.her  deposit  in 

ited  States,  for 

ms  or  residents 

safe  stocks  or 


UTATUTK    MKVJUIHK,MKNrH. 


49 


When  such  deposit  iH  mad(>  in  some  otl.er  state,  a  certidcate  whall 
be  llh'd  with  the  Siiperiiileiident,  under  liie  hand  and  onicial  .seal 
of  the  officer  holding  such  deposit,  certifying  tliat  he  holds  in  tru.Htand 
on  deposit  for  the  lienelit  of  all  the  policy-holders  of  such  company, 
citizens  or  I'csideiits  of  the  United  States  stich  stocks  or  securiti.'s.  and 
staling  ;lie  kind  and  amount  of  eacii,  and  that  lie  is  .^atislied  they  nrv. 
worth  one  hundred  thousand  dollars. 

Annual  statements  shall  Ke  lileil  on  the  first  day  of  January  in  eiu'li 
year,  or  within  thirty  days  tliereafter.  showing  the  atTairs  and  condi- 
tion of  the  company  on  tlie  preccMJiiig  liOtli  day  of  June,  and  siiall  be 
accompanied  by  a  supplementary  annual  statemcmt  showing  the  busi- 
ness and  iiivestiiieiits  of  the  company  in  the  United  States,  on  the  pro- 
ceding  .'Usl  day  of  Doceniber. 

Licenses. — Every  agent  for  any  company  doing  fire,  marine,  or 
river  insurance  in  the  city  of  St.  Louis,  shall  pay  to  the  collector  of  the 
w^ard  in  which  the  office  of  such  agent  is  located,  on  or  before  the  first 
day  of  February  in  each  year,  the  sum  of  one  hundred  dollars  for  the 
use  of  saiil  city,  and  shall  receive  from  the  collector  a  license  to  do 
business  for  one  year. 

Fees, — For  filing  statement  and  certified  copy  of  cliarter,  fifty 
dollars. 

For  filing  annual  statement,  fifty  dollars. 

For  filing  supjilementary  annual  statements,  twenty-five  dollars. 

For  filing  any  other  paper  re(iuire(l  lo  be  filed,  ten  dollars. 

For  furnishing  copies  of  records,  papers  or  documents  on  file, 
twenty  cents  per  folio.  • 

For  affl.\ing  seal  of  office,  one  dollar. 

Reciprocal  provision. 

In  case  the  exptmses  of  the  Department  .shall  exceed  the  amount  of 
fees  collected,  the  Superintendent  shall  antmally  assess  upon  all  com- 
panies doing  business  in  this  State,  a  sum  equal  to  such  excess.  Such 
assessments  shall  be  mad(!  in  proportion  to  the  relative  amounts  of  the 
assets  of  each  company. 

Taxes. Every  agent  of  a  fire,  river,  or  marine  insurance  com- 
pany, doing  business  in  this  State,  shall,  on  or  before  the  first  day  of 
February  in  each  year,  deposit  with  the  assessor  of  tlie  county  and  also 
of  the  city  in  which  the  agency  is  located,  a  statement  verified  by  oath, 
showing  the  gross  amount  of  premiums  (less  return  premiums)  received 
by  such  agent  during  the  year  ending  on  the  first  day  ot  January 
preceding. 

Such  premiums  shall  be  subject  to  the  payment  of  the  same  taxes 
as  other  property,  for  state,  county,  and  municipal  purposes. 

Reciprocal  provision. 

Penalties. — Any  agent  neglecting  to  pay  the  fees  or  taxes  prop- 
erly assessed  upon  his  company,  shall  be  subject  to  a  fine  of  two  hun- 
dred dollars. 

Any  company  neglecting  to  pay  any  fees  or  taxes  for  ten  days  after 
demand,  made  in  writing,  shall  be  Uable  to  pay  double  the  amount 
thereof. 


50  HTATHTK    HKQUIHKMKNTS. 

Any  violiition  (.f  iJif  provisioim  of  law  shall  Hiihjoct  ilu-  piirty  vio- 
latinm  to  a  jM'iialty  "f  five  liuii(ir«i|  .lolliirs:  in  cast'  ..f  iinii|iayim'iit  of 
such  pi'imltv,  tlu)  otTcador  hIiuU  Ixj  liablo  to  impriHonni.-iit  iioloxioinliiig 


Hix  moil 


ths. 


NEBRASKA. 

J.   H.   Wkbton,    Awlitnr  of  State. 

Admission.— Kviiyi'ompiiiiydi'siriiiK  in  tninsact,  biiHiiicw  in  iIiIh 
Stati',  hrforc  acJinisHlon  siiall  liK'  witii  tlif  Au<lit.or— 

A  certilitMl  copy  of  its  charU-r,  act  of  iiiconioratioii,  or  docd  of 
stfttlomcnt. 

A  statement  untUa-  tlu'  oath  of  tlie  I'resi.lunt,  Vicc-1  icsulmt,  or 
otluT  chicr  olTiccr,  and  Socrutary  of  tliu  company,  .>«lio\vinK  its  name, 
location,  capital,  and  also  its  asst.-ts  and  liabilili''H,  in  .IctaU. 

A  copy  of  Uic  last  annual  report,  if  any  nuido,  under  any  law  of 
tho  State  hy  which  the  company  whs  incorporated. 

Every  life  company  shall  also  file  a  written  instrument  under  the 
seal  of  the  compiuiy,  signcHl  by  llie  President  and  Secr(>tary,  authorizing 
an  agent  of  the  company  to  acknowle.lKe  service  of  process,  and  con- 
senting tliat  service  of  process  upon  audi  agent  shall  lie  tiikeii  and 
held  to  be  as  valid  as  if  served  on  tho  company,  and  waiving  all  claims 
of  error  by  reason  of  such  service. 

Kire,  marine,  and  other  companies  shall  ai^point  an  attorney  resi- 
dent  at  the  county  seat  of  each  county  in  which  the  coni[.iiny  shall 
establish  agencie.s,  and  shall  file  with  the  Auditor  a  written  instrument 
authorizing  such  attorney  to  acknowledge  service  of  process  tor  and 
in  behalf  of  the  companv,  and  consenting  that  service  of  process  upon 
such  attorney  shall  be  taken  and  held  to  l)o  as  valid  as  if  siTved  upon 
the  company,  and  waiving  all  claim  of  error  by  reason  of  such  service. 

Certificates  and  Agents.— Every  company  (except  a  life  com- 
pany)  shall  procure  a  certificate  from  the  Auditor,  showing  tliat  the 
company  has  complied  witli  all  the  requirements  of  law  relating  to 
insurance,  ami  such  certificate  shall  be  published  once,  in  two  news- 
papoi-s  of  general  circulation,  one  of  which  newspapers  shall  bo  pub- 
lished at  tho  capital  of  the  State. 

The  agent  of  every  life  company  shall  procure  from  the  Auditor  a 
•  certificate,  and  tile  the  same  together  with  a  copy  of  the  statement 
filed  with  tho  Auditor,  in  tho  office  of  the  clerk  of  tho  county  in  which 
he  or  they  may  desire  to  establish  an  agency  for  any  such  company. 
Such  statement  and  certificate  shall  be  published  one  week  in  one 
daily,  and  four  weeks  in  one  weekly  newspaper,  published  in  the 
county  in  which  such  agency  is  established;  if  no  daily  paper  be  pub- 
lished in  such  county,  then  such  publication  shall  be  sufficient  if  made 
in  one  weekly  newspaper  as  aforesaid;  if  no  weekly  newspaper  be 
published  in  tho  county,  then  such  publication  shall  be  made  in  one 
weekly  newsi)aper  of  this  State,  of  most  general  circulation  in  such 

county.  .    V  ,    « 

Every  agent  (except  agents  of  life  companies)  before  transacting 
business  shall  procure  from  the  Auditor  a  certificate  of  authority. 


HTATI  TK.    UKglll(l':MKNTM. 


51 


ho  party  vio- 
n-liavinrtit  of 
lul  uxi'oodiiig 


iisiiicsH  in  lliis 

1,    or  i1o(m1   of 

'•I'n'widriit,  or 

inn  't*^  niuno, 

il. 

er  any  law  of 

mt  under  tho 
•y,  autliorizing 
COSH,  and  con- 
lic  taken  and 
,'ing  all  clahna 

attorney  resi- 
eonipiiny  Hhall 
iMi  instrument, 
i-(;ce8s  tor  and 
E  process  upon 
if  served  upon 
if  such  service. 

jpt  a  life  com- 
wing  that  tho 
aw  relating  to 
,  in  two  newH- 
\  shall  bo  pub- 

.  the  Auditor  a 

the  statement 

ounty  in  which 

such  company. 

3  week   in  one 

bliahed  in  the 

paj)er  be  pub- 

;Kcient  if  made 

newspaper  be 

to  made  in  one 

ilatioii  in  such 

are  transacting 
authority. 


All  ccrtifir(it<<s  slinll  be  renewed  annually,  mid  shall  nnniially  be 
filed  and  |iidiiisiied  as  aforesaid. 

Kvery  aKont  of  any  company  in  all  advertisements  of  siirli  agency 
Hhall  pidilisli  the  location  of  tli.-  company,  giving  tin-  name  of  the  city, 
town,  or  viliiip'  in  wiiich  the  companv  is  located,  and  of  the  .State  or 
government  umler  the  laws  of  which  it  is  organized. 

Examinations  and  Imp  ilrments.— The   .Vudiior,   whenever 

\^^,  t^liall  d I  it  expedient,  mav  e.xaniine  into  the  condition  ami  aitiiirs 

of  anv  company  <lning  btisines's  in  tiiis  Slate.  Wheiiev.'r  t!ie  Auditor 
ghiiil  deem  if  fo'r  the  best  interest  of  the  publi.',  lie  shall  publish  the 
result  of  such  examination  in  one  or  more  papers  of  this  State.  If  it 
Hhall  :ipp.«ar  to  the  satisfaction  of  th(^  Auditor,  that  the  affairs  of  any 
such  compiiiiv  are  in  an  un.soiinil  condition,  he  sIimI!  nuoke  the  certili- 
catos  grantO((  in  behalf  of  micli  company,  and  shall  cause  the  notifica- 
tion thereof  robe  publisheij  in  Home  newspaper  of  general  circulation 
publislitid  at  the  Slate  capital.  _       ,  •     ^    .     •» 

No  iiic  or  mariiK^  companv  can  transact  biisinoss  in  thin  Stat<',  it 
after  the  compiiny  is  charge.!  with  its  !)roi)er  liahilitieH  ami  the  suin 
requisite  for  reinsurance  ascLKaiiKMl  as  recpiinMl  by  law,  its  capital 
stock  is  impair(>d  to  the  extent  of  twenty  per  cent,  thereof. 

Fire  and  Marine. — Every  company  muat  possess  an  actual  paid- 
up  capital  of  two  hundrcHl  thousand  dollars,  exclusive  of  any  assets 
dei>osited  in  any  other  State  or  territory,  for  the  special  benelit  or 
security  of  the  insured  therein. 

Every  such  company  must  also  hav<!  on  deposit  in  some  one  of  tlie 
United  States  or  territories,  a  sum  not  less  than  twenty-five  thou.sand 
dollars,  for  the  special  lienefit  and  security  of  the  insured  therein. 

Annual  statements  shall  be  fihul  on  the  first  day  of  January  m  each 
year,  or  within  thirty  days  ther(!after.  showing  the  condition  and  busi- 
ness of  the  company  on  the  preceding  thirty-first  day  of  ])ec(Muber. 

The  re-insurance  fund  shall  be  computed  at  forty  per  cent,  of  the 
premiums  on  all  une.xi)ired  risks. 

Life.— p>ery  company  must  possess  assets,  properly  invested,  to 
the  amount  of  one  hundred  thousand  dollars. 

Annual  statements  shall  bo  filed  in  the  month  of  January  in  each 
year,  showing  the  condition  and  affairs  of  the  company  on  the  preced- 
ing thirty-first  day  of  December. 

If  any  such  company  has  made  any  deposit  in  any  other  State  or 
territory  for  the  exclusive  benefit  of  its  policy-holders  therein,  then 
such  company  shall,  on  tho  first  day  of  January,  annually,  return  under 
oath  to  the  Auditor,  a  statement  showing  the  amount  of  preniiums 
received  in  this  State  during  the  year  preceding,  and  shall  deiwsit  with 
the  Auditor,  for  the  benefit  of  the  insured  in  this  State,  five  per  cent, 
of  such  premiums,  either  in  money,  or  in  stocks  or  bonds  secured  by 
mortgage  of  property  in  this  State,  and  shall  continue  such  deposit 
from  year  to  year,  until  the  sum  of  forty  thousand  dollars  is  deposited. 

Foreign.— Every  life  company  shall  furnish  evidence  to  tho  satis- 
faction of  the  Auditor,  that  it  has  invested  in  the  stocks  of  some  one 
or  more  of  the  Statcis  of  this  Union,  or  of  the  United  States,  the 


r,2  STATUTK    UKQUIUEMENTS. 

amount  of  one  liundr(>(l  thousand  dollars,  and  that  such  stocks  are  hcl.l 
by  citizens  of  tho  United  States  or  in  bonds  secured  by  nioi-t^'ages  of 
rill  (^stat(!  situated  in  the  United  States,  fully  secui'ing  tiie  amount  for 
which  the  same  is  mortgaged,  or  bonds  of  cities  of  the  United  States, 
the  aggregate  market  value  of  the  investment  of  the  company  in  winch 
shall  not  be  less  than  one  hundred  thousand  dollars. 

Deposits.— (<S'ce  Life  and  Foreign.) 

Fees.— For  filing  and  examination  of  the  first  application  of  any 
company  and  issuing  the  certificate  or  license  thereon,  fifty  dollars. 

For  filing  each  annual  statement,  twenty  dollars. 

For  each  certificate  of  authority,  two  dollars. 

For  every  copy  of  any  paper  on  file,  ten  cents  per  folio,  and  idty 
cents  for  certifying  the  same  and  affixing  the  sc^al  of  office  thereto. 

For  examining  companies  the  actual  expenses  incurred. 

Reciprocal  provision. 

Taxes.— Insurance  companies  of  every  kind,  transacting  business 
in  this  State,  shall  be  taxed  in  the  same  amount,  and  at  the  same  rate 
that  all  other  property  is  taxed,  upon  the  amount  of  premiums  taken 
by  them  during  the  year  previous  to  the  listing  in  the  precinct  where 
the  agent  conducts  the  Ijusinoss  of  said  company,  and  the  agent  shall 
be  personally  liable  for  the  taxes;   ani  if  he  fail  or  refuse  to  render 
the  list  or  to  swear  to  the  same  as  herein  reciuired,  the  amount  may 
be  assessed  according  to  the  best  knowledge  and  information  of  the 
assessor,  and  the  county  board  of  equalization  may,  at  their  discretion, 
add  fifty  per  cent,  to  the  amount  returned  by  the  assessor.      Whenever 
any  insurance  company  shall  fail  to  render  the  list  in  this  section  pro- 
vided  or  shall  fail  or  refuse  to  pay  the  taxes  assessed  and  levied  as 
herein  provided,  before  the  same  become  delinquent,  it  shall  be  unlaw- 
ful thereafter  for  any  such  company  to  transact  any  insurance  l:)usiness 
in  this  State,  until  such  taxes  shall  have  been  paid;   and  every  officer 
or  agent  of  such  company,  or  persons  who  shall  transact  any  business 
for  such  companv  after  it  shall  have  failed  or  refused  to  pay  the  taxes 
assessed  against 'it  as  above  provided,  while  such  taxes  remain  unpaid 
and  delinquent,  shall  be  deemed  guilty  of  a  misdemeanor,  and  upon 
conviction  thereof  in  the  district  court  of  the  proper  county  shall  be 
fined,  not  to  exceed  five  hundred  dollars,  and  imprisoned  in  the  county 
jail  not  exceeding  six  months. 
Reciprocal  provision. 

Penalties.— Any  person  violating  any  provision  of  law  relating 
to  insurance  shall  be  lined  in  a  sum  not  exceeding  one  thousand  dol- 
lars, or  hnprisoned  in  the  county  jail  not  less  than  thirty  days  nor 
more  than  six  months. 


NEVADA. 
W.  W.  IIoBAKT,  State  Controller. 
Admission.- Every  company  before  doing  business  shall  execute, 
acknowle.ige,  and  deliver  and  cause  to  be  duly  recorded  in  the  office 


.'....^S-^rVT!?'^  ff,«rtiF3.^lWWWap*^«**J«ff5«»*a'  lf*i^^'-- 


STATUTK    KKQUIUEMKNT8. 


53 


stocks  aro  licld 
y  iii()rtji;iigi's  of 
the  amount  for 
I  United  States, 
npany  in  which 


plication  of  any 
fifty  dollars. 


folio,  and 
iico  thereto, 
•red. 


ifty 


sacting  business 
it  the  same  rate 
premiums  taken 
3  precinct  where 
I  the  agent  shall 
refuse  to  render 
the  amount  may 
iormation  of  the 

their  discretion, 
;s(ir.     Whenever 

this  section  pro- 
d  and  levi(;d  as 
t  shall  be  unlaw- 
isuranco  business 
and  every  officer 
lact  any  business 

to  pay  the  taxes 
es  remain  unpaid 
leanor,  and  upon 
'  county,  shall  be 
led  in  "tlie  county 


L  of  law  relating 
me  thousand  dol- 
1  thirty  days  nor 


less  shall  execute, 
-ded  in  the  office 


of  the  Controller  of  State,  a  good  and  suir.eient  power  of  at.oinev  o 
son.e  citizen  of  the  United  States  .id  resident  of  Nevada,  "•-voca  > « 
(excei.t  by  substitution  of  some  otiier  quahh.-d  per.son)  to  m.ept  sei- 
vice  of  all  i.r..c.'ss  at  law  against  such  company  witlun  this  b  ate,  and 
ulx^n  whom'  within  this  State  valid  service  may  be  made  ot  all  process 
issued  acfiinst  said  company.  -         . 

EvetT  company  shall  file  in  the  .office  of  the  county  recorder  of 
each  county  in  this  State  wherein  such  company  does  business,  a  prop- 
erlv  authenticated  copy  of  the  act  of  incorporation  of  the  company, 
wtV^proper  certificate  of  the  officers  of  such  company  as  ^o  he 
genuinenesiof  the  same;  and  to  such  certificate  shall  be  appended  a 
duly  certifie<l  list  of  the  officers  of  such  company. 

Aeents  — Everv  agent  shall  file  with  the  Controller  of  State  a 
certified  copy  of  th'e  power  of  attorney,  certificate  of  fS^^J^ 
policy  commission,  or  other  authority,  under  which  he  is  entitled  to 

collect  m-eniiums  in  this  State.  -.i,  ,i, ,  p^« 

Such  agent  shall  also  file  a  good  and  sufficient  bond  with  the  Con- 
troller, with  two  sureties  approv^^d  by  the  Controller  m  the  penal  sum 
of  one  thousand  dollars  for  each  life  insurance  company,  two  thou- 
sand doilars  for  each  fire  insuranc."  company,  and  three  thousand  dol- 
lars for  each  inland  insurance  company  he  represents,  conditioned 
that  on  belialf  of  such  company  he  will  pay  quarterly  in  advance  such 
sum  for  license  to  the  Treasurer  of  the  county,  or  city  and  county 
in  which  his  office  shall  be  located  as  shall  by  law  be  reqmred,  and  all 
such  other  Ucenses  as  may  be  imposed  by  law,  and  that  he  will. also 
pav  all  stamp  duties,  and  make  return  annually  of  the  gross  premiums 
collected,  and  pay  all  taxes  which  shall  be  imposed  ^7  law. 

A  copy  of  such  bond,  certificid  by  the  Controller,  shall  be  filed  with 
the  Treasurer  of  the  county,  or  city  and  county,  in  which  the  office  of 
the  agent  is  located,  before  any  license  is  issued  to  such  agent,  riiese 
requirements  shall  not  extend  to  sub-agents  reporting  to  and  undei 
control  of  the  principal  agent. 

License  —Every  agent  sliall  pj'V  a  license  tax  of  twenty-five  dol- 
lars per  quarter  year,  quarterly  in  advance  to  such  officer  as  may  be 
appointed  to  collect  the  same  under  the  revenue  laws  of  this  State. 
ITiis  requirement  shall  not  extend  to  sub-agents  reporting  to  and  under 
control  of  the  agent  of  the  company. 

Taxes  —Within  thirty  days  after  the  first  day  of  June,  annually 
each  agent  shall  render  to  the  Treasurer  of  the  county  or  c.ty  and 
county  in  which  his  principal  office  is  located,  a  sworn  statement  show- 
ing the  gross  amount  of  premiums  collected  by  the  agency,  including 
thi  amounts  collected  by  sub-agents  for  the  year  ending  on  said  firs 
day  of  June,  from  which  amount  shall  be  deducted  the  gross  amount 
of  return  premiums.  At  the  time  of  filing  such  statement  a  tax  of  two 
per  cent,  shall  be  paid  on  all  premiums,  less  return  premiums,  received 
on  fire  and  inland  risks,  and  a  tax  of  one  per  cent,  on  the  premiums 

collected  on  Ufe  risks.  ,  .i     -u     i 

For  the  purposes  of  taxation  all  premiums  entered  upon  the  books 
of  the  agency  shall  be  deemed  to  be  collected. 


54 


STATt'TK    RKQriRKMENTS. 


Penalties. — Every  pui-son  or  firm  that,  shall  do  any  business  of 
insurance  in  this  State  without  having  filed  a  bond,  shall  lie  guilty  of  a 
misdemeanor,  and  on  convic'tion  shall  be  fined  the  sum  of  two  thousand 
dollars  for  each  company  for  which  he  has  done  such  business. 

Every  wilful  vioiati(m  of  the  "act  to  regulate  and  tax  foreign 
insni'ance  companies  doing  business  in  this  State,"  shall  be  deemed  a 
misdenujanor  and  subject  the  party  violating  to  a  penalty  of  five  hun- 
dred dollars.  In  case  of  nonpayment  of  the  penalty  the  pers(jn  con- 
victed shall  be  imprisoned  for  a  i)eriod  not  exceeding  six  months. 


NEW  HAMPSHIRE. 
Olivek  Pillsbury,  Insurance  Commissioner. 

A.dmission. — Every  company  desiring  to  transact  business  in  this 
State,  before  adnussion  must  file  with  the  Commissioner — 

A  certified  copy  of  its  charter  and  by-laws. 

A  statement  under  the  oath  of  the  President  and  Secretary,  show- 
ing the  condition  and  affairs  of  the  company. 

Ev(>ry  such  company  heretofore  admitted  to  do  l)usiness  in  this 
State  prior  to  March  first,  1876,  and  every  company  applying  for  ad- 
mission,  shall  file  with  the  Insurance  Commissioner  a  written  stipulation 
duly  autlienticated  by  the  company,  agreeing  that  any  legal  process 
affecting  the  company  served  on  tlu;  Insurance  Commissioner  for  the 
time  being  shall  have  the  same  effect  as  if  se:-ved  personally  on  the 
company  within  this  State.  "Wlien  process  is  served  on  the  Com- 
missioner he  si  I  all  make  a  memorandum  of  the  fact  and  inform  the 
company  by  letter  addressed  to  its  principal  office  in  this  country,  and 
shall  on  the  next  day  forward  the  copy  of  process  served  upon  liim  to 
the  company. 

If  any  company  negle'-.t  to  pay  any  final  judgment  against  it  for 
thirty  days  after  demand  is  made  for  the  same  upon  the  attorney  of  the 
company,  the  Connnissioner  shall  suspend  the  business  of  the  company 
in  this  State  until  such  judgment  is  paid. 

Certificates  and  Agents. — Every  company  before  doing  busi- 
ness in  this  State  shall  receive  from  the  Commissioner  a  license,  which 
shall  expire  on  the  first  day  of  the  next  April,  and  shall  be  renewed  on 
said  day  and  annually  thereafter. 

Every  agent  before  doing  business  for  any  company,  must  file  with 
the  Commissi<mer  a  certificate  from  the  company  or  its  general  agent 
authorizing  him  to  act  as  such  agent,  and  receive  from  the  Commis- 
sioner a  license,  which  shall  continue  in  force  until  the  first  day  of  the 
next  A})ril,  and  shall  be  renewed  on  said  day  and  annually  thereafter, 
upon  the  liUng  by  such  agent  of  his  certificate  of  appointment  as  afore- 
said. 

Examinations  and  Impairments. — The  Commissioner  may  at 
any  time  examine  into  the  condition  of  any  company  doing  business 
in  this  State.  If  in  his  opinion  such  company  is  in  an  unsound  or 
failing  condition,  he  shall  revoke  all  licenses  granted  to  such  company 
and  its  agents,  by  written  notice  to  the  company  and  publication  thereof 


rg».-t^;gwfc^itfpa'nt- 


ii*:3t -f ™  to  ^'■*»-^  »."- " 


ly  business  of 

lie  guilty  of  ft 
;  two  thousand 
isincss. 
(1  tax  foreign 

be  deemefl  a 
;y  of  five  liun- 
10  person  con- 
ic months. 


business  in  this 


scretary,  show- 

iisiness  in  this 
)plying  for  ad- 
tlun  stipulation 
Y  legal  process 
ssioner  for  the 
rsonally  on  the 
I  on  the  Com- 
iud  inform  tlie 
lis  country,  and 
3d  upon  liim  to 

against  it  for 

attorney  of  the 

it  the  company 

3re  doing  busi- 

i  license,  which 

be  renewed  on 

•,  must  file  with 
1^  general  agent 
n  the  Commis- 
first  day  of  the 
nally  thereafter, 
itment  as  afore- 


lissioner  may  at 
doing  business 
an  unsound  or 
o  such  company 
blication  thereof 


STATUTE    KEQUIREMENTS. 


55 


in  one  newspaper  published  at  Concord  and  one  at  Manchester,  ha-.mg 
each  tlie  largest  curculation  in  this  State  from  those  places. 

No  compaiiv  possessing  a  capital  stock  can  do  busmess  m  tins  htate 
if  the  same  is  impaiivd  to  the  extent  of  twenty  per  cent,  aftcn-  provid- 
ing for  the  proi)er  Hal   n<-.:es  and  re-hisurance  reserve  of  such  con.pai;y. 

No  mutual  company  can  do  business  in  this  State  if  its  assets  are 
not  equal  to  its  outstanding  liabilities  and  re-insurance  reserve  calculated 
as  required  liy  law. 

Fire  and  Marine.— Every  stock  company  must  possess  a  paid-up 
capital  of  one  hundred  thousand  dollars,  and  every  mutual  company 
assets  readily  convertible  into  cash,  amounting  to  one  hundred  thous- 

and  dollars.  „        ,     c    ,  ^        t  \t      i 

Annual  statements  shall  be  filed  on  or  before  the  first  day  of  March 

in  each  year,  showing  the  affairs  and  condition  o!  the  company  on  the 

nrecedinc  thirtv-lirst  day  of  December. 

The  re-insurance  fund  is  calculated  at  fifty  per  cent,  of  premmms 

on  unexpired  fire  risks,  and  the  whole  premium  on  unexpired  marine 

^'^  All  losses  on  fire  risks  shall  be  adjusted  within  fifteen  days  after 

notice  thereof. 

If  any  company  has  determined  to  rebuild  or  repair  any  preniises 
destroved  or  damaged  by  fire,  such  company  shall  commence  within 
twentv  days  after  such  adjustment  and  prosecute  the  work  with  all 
reasonable'diligence  until  completed.  If  any  company  neglect  to  adjust 
any  such  loss  or  rebuild  or  repair  the  premises  withm  the  time  limited 
the  peT^AO^  -nsured  may  rebuild  or  repair  the  same  at  the  expense  of 
the  corf     i  it  exceeding  the  amount  insured. 

Life  -    :    ,ry  company  shall  possess  assets  to  the  amount  of  one 

hundred  thousand  dollars.  ,,     c    .  j        *  n/r  „„i. 

Annual  statements  shall  be  filed  on  or  before  the  first  day  of  March 

in  each  year,  showing  the  condition  of  the  company  on  the  preceding 

thirty-first  day  of  December.  .t      ,     •      ^  *i. 

The  premium  reserve  shall  be  ascertained  upon  the  basis  ot  the 

Actuaries'  Table  of  Mortality,  with  interest  at  four  per  cent,  per  annum. 

Pees.— For  filing  statement,  five  dollars. 
For  license  to  company,  five  dollars. 
For  license  to  agents,  one  dollar. 

Taxes  —Every  company  shall,  on  or  before  the  first  day  of  March 
in  each  year,  make  to  the  Commmissioner  a  statement  under  the  oath 
of  the  President  and  Secretary,  shewing  the  gross  amount  of  premi- 
ums received  in  the  State  for  the  year  ending  on  the  preceding  thirty- 
first  day  of  December.  The  Commissioner  shall,  on  or  before  the  first 
day  of  April  in  each  year,  assess  a  tax  of  one  per  cent,  upon  such 
premiums,  and  shall  give  notice  of  the  amount  thereof  to  each  com- 
pany.  The  amount  of  such  tax  shall  be  paid  to  the  State  Treasurer 
witliin  one  month  after  such  notice. 

Penalties  —Any  violation  of  any  of  the  laws  relating  to  insur- 
ance shall  subject  the  offender  to  a  penalty  not  exceeding  two  thousand 
dollars  for  each  offense.  - 


':'»aaf^'f-~'*i^: 


56 


STATUTE    UKtJlUKKMKNTS. 


NEW  JERSEY. 

,  Henry  C.  Kelsey,  Secretary  of  State. 

Admission. — Every  company,  boforo  admission  to  this  State, 
must  [lossoss  an  actually  paid-in  and  well-invcstod  capital  stock  of  at 
least  one  liundred  and  I'iftv  thousand  dollars,  over  and  above  all  claims 
and  liabilities,  and  shall  file  with  the  Socrotary  oi  State  a  statement 
Bigni'd  and  sworn  to  by  its  President  and  Secretary,  showing  the  con- 
dition and  business  of  the  company,  and  giving  the  name  and  residence 
of  each  agent  of  tlie  company  in  this  State. 

Certificates  and  Agents.— Every  company,  before  transacting 
business,  shall  procure  from  the  Secretary  of  State  a  certificate  of 
authority  authorizing  it  to  transact  business  and  establish  agencies  in 
this  State. 

■  Every  company  shall  furnish  the  Secretary  of  State  a  list  of  the 
agents  appointed  and  commiEsioned  in  the  State,  and  (jvery  such  agent 
shall  procure  from  him  a  certificate  of  authority  before  transacting 
business. 

All  certificates  of  t.uthority  shall  lie  renewed  annually  in  the  month 
of  January. 

Examinations  and  Impairments. — The  Secretary  of  State 
may  examine  any  company  doing  business  in  this  State,  and  if  it  shall 
appear  as  a  result  of  such  examination  that  th(>  assets  of  any  fire  insur- 
ance company,  after  charging  it  with  the  amount  requisite  for  the  re- 
insurance of  its  outstanding  risks  and  with  its  other  pi-op(;r  habilities, 
amount  to  less  than  three-fourths  of  its  cajntal  stock,  or  that  the  assets 
of  any  life  insurance  company  are  not  sufficient  to  re-insure  its  out- 
standing risks  and  discharge  its  total  actual  liabilities,  he  shall  revoke 
the  certificates  granted  to  such  company  and  its  agents,  and  publish 
notice  of  such  revocation  in  two  newspapers  published  in  Trenton  and 
Newark  respectively,  at  least  six  times. 

Fire,  Marine,  and  Life. — Annual  statements  shall  be  filed  in  the 
month  of  January  in  each  year,  and  shall  show  the  condition  of  the 
company  on  the  31st  day  of  December  jireceding,  and  state  the  name, 
residence,  and  amount  of  premiums  received  by  each  agent  during  the 
preceding  year. 

Life  policies  may  be  valued  by  the  American  Experience  Table  of 
Mortality,  with  interest  at  four  and  one  half  per  cent,  per  annum,  or 
tlu!  Actuaries'  Table  of  Mortality,  with  interest  at  four  per  cent,  per 
annum,  or  any  other  recognized  standard  of  valuation. 

License. — Every  company  nmst,  on  or  before  the  first  day  of 
February  in  each  year,  pay  to  the  Secrcitary  of  State  the  sum  of  fifty 
dollars  as  license  for  transax'ting  business  in  this  State. 

Fees. — For  filing  statement,  five  dollars. 
For  agent's  certificate,  five  dollars. 
Reciprocal  provision. 

Taxes. — Every  company  in  its  annual  statement  shall  state  the 


rri<(rn«gim'tniiiiOTig<'Tiifr^^^rTiY*^~^-^''-^  -  '-■  ^^*s^-*^'^'^&^stsa'^ 


to  this  State, 
al  stock  of  at 
iove  all  claims 
a  a  statement 
wing  the  con- 
and  residence 


re  transacting 
,  certificate  of 
ill  agencies  in 

3  a  list  of  the 
3ry  such  agent 
re  transacting 

Y  in  the  month 


;ary  of  State 
and  if  it  shall 
any  fire  insnr- 
ite  for  the  re- 
:)por  habilities, 
that  the  assets 
insure  its  out- 
e  shall  revoke 
,s,  and  publish 
ti  Trenton  and 

be  filed  in  the 
ndition  of  the 
Htatc  the  name, 
:ent  during  the 

•ience  Table  of 
per  annum,  or 
'  per  cent,  per 

le  first  day  of 
le  sum  of  fifty 


STATrTK    REQUIREMENTS. 


57 


gross  amount  of  premiums  received  m  the  State  durmg  the  piereding 
vear  and  shall  on  or  before  the  first  day  of  February  m  ea.-h  year 
pay  to  the  Secretary  of  State  a  tax  of  two  per  centum   upon  such 

^'"^Lifrinsuri.nc<>  companies  located  in  States  which  do  not  impose  a 
greater  assessment  upon  the  companies  of  this  State,  shall  pay  anmial  y 
on  or  before  the  first  .lay  of  February  to  the  Secretary  of  State  i 
lieu  of  the  ta.K  of  two  per  centum,  the  sum  of  twenty  dollars  for  each 
and  evei-y  agent  acting  for  them  in  this  State. 

Reciprocal  provision. 

Penalties.— Every  violation   of   the  laws  relating  to  insurance 
shall  subject  the  offender  to  a  penalty  of  five  hundred  dollai-s  for  each 

"^^Anv  company  failing  to  make  and  file  its  annual  statement  for 
thirty  davs  after  the  time  provided  by  law.  shall  be  subjort  to  a  pen- 
alty of  W>  hundr<-d  dollars,  and  a  like  penalty  for  every  monh  it 
continues  to  do  business  in  this  State  without  filing  such  statement. 


NEW  YORK. 


shall  state  the 


Orlow  W.  Chapman,  Superintendent  of  the  Insurance  Department. 
Admission.— Every  company  must  possess  the  amount  of  capital 
and  assets  hereinafter  mentioned,  before  being  admitted  to  transact 
business  in  this  State,  and  must  file  with  the  Superintendent— 
A  certified  copy  of  its  charter  or  deed  of  settlement. 
A  statement  under  the  oath  of  the  President  or  Vice-Fresident  or 
other  chief  officer  and   Secretary  of  the  company,  stating  the  name, 
location,  capital,  assets,  and  liabihties  of  the  conipany  in  detail. 

A  copy  of  the  last  annual  report,  if  any,  made  under  any  law  of  the 
State  by  which  such  company  is  incorporated.     (Fire  CoMrANiEs ) 

Every  company  must  also  appoint  an  attorney  in  this  Sate  on 
whom  process  of  law  can  be  served,  and  file  with  the  Supermtendent 
a  ccrtilied  copy  of  the  vote  or  resolution  of  the  directoi^  appomtmg 
such  attorney  which  appointment  shall  continue  until  another  attorney 
be  substituted. 

Certificates  and  Agents.— Every  agent  of  any  company  ad- 
mitted to  transact  business  in  this  State  shall  procure  from  the  Super- 
intendent a  certificate  of  authority,  stating  that  such  company  has  com- 
plied with  all  the  requirements  of  law,  and  the  name  of  the  attorney 
appointed  to  act  for  the  company.  A  certified  copy  of  such  certificate 
of  authority  shall  be  filed  in  the  office  of  the  clerk  of  the  county  where 
the  agent's  office  is  located  and  the  agency  established 

Aeents  of  every  fire  company  must  also  file  with  the  county  clerk  a 
copy  of  the  statement  of  the  company,  and  publish  the  certificate  of 
authority  four  successive  times  in  the  paper  in  which  the  State  notices 
are  required  to  be  inserted,  and  within  thirty  days  thereafter  file  with 
the  Superintendent  the  affidavit  of  the  publisher  of  such  paper,  nis 
foreman  or  clerk,  showing  such  publication.  Every  agent  doing  a  fire 
business  in  any  incorporated  city  or  village  shall  execute  a  bond,  with 
8 


58 


STATUTE    RKQPTREMENTS. 


anoh  snretios  as  the  Trnasuicr  ol'  tlio  firo  department  shall  approve, 
comlitioiioil  tlial  he  will  make  true  and  correct  returns  ns  required  by 
law  of  the  aniuuut  of  [)reniiums  received  by  him,  and  pay  the  taxes 
fhereon  imposed.  In  the  city  and  eonnty  of  Xew  Yoi-k  such  bond 
must  be  for  the  sum  of  one  thousand  ilollars.  In  every  other  incorpo- 
rated city  and  village,  such  bond  must  be  in  a  sum  not  e.xceeding  live 
hundred  dollars.  Agents  of  each  marine  company  shall  file  in  the 
office  of  the  clerk  of  the  county  in  which  tiiey  reside  a  copy  of  tin  state- 
ment of  the  company,  and  publish  the  same  in  a  newspai)er  (if  one  be 
published  in  the  county)  at  least  si.x  successive  weeks  after  the  same  is 
so  filed.  Such  agents  shall  e.\ecnt(!  and  deliver  to  the  Comptroller  a 
bond  in  the  sum  <if  one  thousand  dollars,  witii  such  sureties  as  the 
Com[)troller  siiall  ap])rove.  conditioned  that  such  agents  shall  make 
returns  and  pay  taxes  as  required  by  law. 

Certificates  of  autluu-ity  shall  Ijo  renewed  annually,  and  shall  be 
tiled  and  published  in  the  same  nuinner  as  the  original  certifiCftte  of 
aiitlioiity. 

Every  agent,  in  all  advertisements  of  any  company  he  represents, 
.shall  jmblish  the  location  of  the  company,  giving  city,  town,  or  village, 
and  State. 

Examinations  and  Impairments. — The  Superintendent,  when- 
ever he  deems  it  expedient  or  whenever  lie  has  occasion  to  suspect  the 
correctness  of  any  statement,  shall  cause  an  examination  to  be  made 
into  the  affairs  of  any  company  doing  business  in  this  State.  When- 
ever he  shall  deem  it  for  the  interest  of  the  public,  he  shall  publish  the 
result  of  such  examination.  Whenever  it  shall  appear  from  such  ex- 
amination that  the  affairs  of  any  company  are  in  an  unsound  condition, 
the  Superintendent  shall  revoke  the  certificates  granted  in  behalf  of 
such  company,  and  cause  a  notification  thereof  to  lie  published  in  the 
State  paper  for  four  weeks. 

A  fire  insurance  company  cannot  do  business  in  this  State  when  its 
capital  stock  is  impaired  to  the  extent  of  twenty  per  cent. 

A  life  insurance  company  cannot  do  business  in  this  State  when  its 
assets  are  not  equal  to  its  liabilities,  including  the  premium  reserve 
computed  as  required  by  law. 

Fire  and  Marine. — A  stock  fire  insurance  company  doing  busi- 
ness m  the  city  and  county  of  New  York  or  county  of  Kings  must  pos- 
sess a  paid-up  capital  of  two  hundred  thousand  dollars.  Such  company 
<ioing  business  in  any  other  county  of  the  State  must  possess  a  paid-up 
capital  of  fifty  thousand  dollars. 

A  stock  marine  company  doing  business  in  the  county  of  New  York 
or  Kings  must  posse.ss  a  paid-up  capital  of  one  hundred  and  fifty  thou- 
sand dollars.  Such  company  doing  business  in  any  other  county  in 
the  State  must  possess  a  paid-up  capital  of  fifty  thousand  dollars. 

Annual  statements  must  be  filed  in  the  mouth  of  January  in  each 
year,  and  show  the  condition  and  affairs  of  the  company  on  the  pre- 
ceding 31st  day  of  December. 

(The  re-insurance  fund  is  computed  at  fifty  per  cent,  of  all  premi- 
ums on  unexpired  fire  risks  having  one  year  or  less  to  run.  Pro  rata 
of  all  premiums  on  unexpired  fire  risks  having  more  than  one  year  to 
run.     The  entire  premium  received  on  unexpired  marine  risks.) 


lall  approve, 
;  rcfiiiircd  Ijy 
ly  ihu  taxiis 
k  siidi  bond 
tlH>r  incdrpo- 
fcccding  live 
11  lib  in  the 
r  of  tin  state- 
M'  (if  one  be 
r  the  same  is 
'imipti'oUor  a 
:-eties  as  the 
s  shall  make 

and  shall  be 
certifieate  of 

e  represents, 
n,  or  village, 

(ndent.  when- 

0  suspect  the 

1  to  be  made 
ate.  Wlien- 
II  publish  the 
rom  such  ex- 
nd  condition, 

in  behalf  of 
ilished  in  the 

tate  when  its 

tate  when  its 
lium  reserve 


f  doing  busi- 
igs  must  pos- 
uch  company 
ess  a  paid-up 

of  New  York 
nd  fifty  thou- 
er  county  in 
dollars, 
uary  in  each 
y  on  the  pre- 

of  all  premi- 
in.  Pro  rata 
n  one  year  to 
risks.) 


STATUTE   HEQriRKMENTS. 


69 


Life. — Every  company  transacting 


business  in  this  State  must 
possess  at  least  ()n(>.  hundred  thousand  dollars  invested  in  tli<^  stocks  or 
bonds  of  the  United  States,  the  Stiite  of  New  York,  or  of  the  State 
where  the  company  is  located,  or  in  loans  si-cured  hy  mortgage  on  im- 
proved, unincumbered  real  estate  within  tlu-  Slate  where  such  comiiauy 
is  located,  worth  seventy-live  per  cent,  more  than  the  amount  loaned 
thereon.  Such  securitii'S  shall  be  dejiosited  with  the  A  tulitcr.  Comp- 
troller, or  chief  financial  oflicor  of  the  State  where  said  company  is 
incorporated,  for  the  benefit  of  all  the  ])olicy-holders  of  such  company, 
and  the  Superintendent  shall  be  furnished  with  a  certificate  thereof 
under  the  hand  and  ollicial  seal  of  such  officer,  stating  the  items  of  such 
securities,  and  that  such  officer  is  satisfieil  that  they  are  worth  one 
hundred  thousand  dollars. 

Annual  statements  must  be  filed  on  the  first  day  of  January  in  each 
year,  or  within  si.xty  days  thereafter,  showing  the  condition  and  affairs 
of  the  company  on  the  preceding  31st  day  of  December. 

The  Supin-i'ntendeut  shall,  at  least  once  in  five  years,  and  annually 
in  his  discretion,  nuike  valiuUious  of  all  outstanding  policies  in  every 
life  insurance  company  d(jing  business  in  this  State.  For  the  purpose 
of  such  valuation  the  rate  of  interest  assumed  shall  be  four  and  a  half 
per  cent,  per  annum,  and  the  rate  of  mortality  shall  lie  that  established 
by  the  vVmericau  E.xperieuci!  Table.  The  Superintendent  may  in  his 
discretion  accept  I  he  valuation  of  the  DepartuKmt  of  Insurance  of  any 
other  State,  in  place  of  making  such  valuation,  provided  the  insurance 
officer  of  such  State  does  not  refuse  to  accept  as  sufficient  and  valid  for 
all  purposes  the  certificate  of  valuation  of  the  Insurance  Departiiieut 
of  this  State. 

Foreign. — Every  foreign  insurance  company  doing  a  fire  insurance 
business  in  this  State  shall  deposit  with  the  Superintc'udent,  k)V  the 
benefit  and  security  of  policy-hoUlers  residing  in  the  United  States,  a 
sum  not  less  than  two  hundred  thousand  dollars  in  stocks  of  the  United 
States,  or  of  the  State  of  New  York,  or  in  bonds  secured  by  mortgage 
on  improved,  unincumbered  real  estate  in  the  State  of  New  York, 
worth  fifty  jier  cent,  more  than  the  amount  loaned  thereon.  The  cap- 
ital of  such  company  shall  be  the  aggregate  value  of  such  sums  or  secu- 
rities as  such  company  has  on  deposit  with  the  officials  of  various 
States,  and  all  other  assets  and  property  of  the  company  in  the  United 
States  conveyed  to  and  vested  in  trustees,  citizens  of  the  United  States 
approved  liy  the  Superintendent,  for  the  general  benefit  and  security 
of  the  policy-holders  and  creditors  (jf  the  company  in  the  United  States, 
after  taking  from  such  aggregate  value  the  amount  of  all  the  debts  and 
liabilities  of  the  company  in  the  United  States,  including  a  proper  sum 
for  a  re-insurance  fund  as  provided  by  law  or  the  rules  of  the  Insurance 
Department. 

The  Superintendent  shall  annually  issue  a  certificate  to  such  com- 
pany of  the  amount  of  its  so-determined  capital. 

Every  foreign  insurance  company  doing  a  life  insurance  business 
shall  make  a  deposit  with  the  Superintendent  in  securities  of  the  value 
of  one  hundred  thousand  dollars. 

Annual  statements  of  every  foreign  fire  company  shall  be  filed  on 
or  before  the  first  day  of  June  in  each  year,  showing  the  condition  of 


t 


■4 1 


1;  = 


^jiiB!ffls^sgaB»**?;si^»"»««»"^ 


60 


8TAT0TK    UEQL'IKKMENTrt. 


the  company  on  the  preceding  31st  duy  of  Dcceinbor.  Supplementary 
annual  statements  shall  bo  filed  in  the  mi^nth  of  Jauuaiy  in  each  year, 
showing  tjie  investments  constituting  the  capital  nf  the  company  in  the 
United  States,  and  the  conilition  and  business  of  the  company  in  the 
United  States,  on  the  preceding  3lBt  day  of  December. 

Fees. — For  ev(;ry  copy  of  any  paper  filed  in  the  Department,  the 
sum  of  ten  cents  per  folio;  and  for  itffixing  the  seal  of  said  Department 
to  such  copy  and  certifying  the  same,  one  dollar. 

For  examinations  of  insurance  companies,  the  actual  expenses 
incurred. 

Reciprocal  provit^ion. 

Taxes. — The  agents  of  all  marine  companies  shall  pay  into  the 
State  Treasury,  on  the  first  day  of  January  in  each  year,  a  tax  of  two 
dollars  on  the  one  hundred  dollars,  and  at  that  rate  upon  all  pre- 
miums wliich  shall  have  been  received  in  this  State  for  the  year  ending 
on  tilt!  preceding  Slst  day  of  December. 

The  agents  of  all  fire  companies  taking  risks  in  incorporated  cities 
or  villages  shall  annually,  on  the  first  day  of  January,  render  to  the 
Treasurer  of  the  fire  department  of  such  city  or  village  an  account, 
verified  by  oath,  of  all  premiums  received  by  liim  within  any  incorpo- 
rated city  or  village  for  the  year  ending  on  the  preceding  3 1st  day  of 
December,  and  shall  pay  to  such  Treasurer  a  tax  of  two  dollars  on  the 
one  hundred  dollars,  and  at  that  rate  for  the  whole  amount  of  such 
premiums. 

Foreign  fire  companies  having  a  capital,  assets,  or  funds  in  this 
State  of  not  less  than  one  hundred  and  fifty  thousand  dollars,  shall  be 
liable  to  be  taxed  upon  .such  capital,  assets,  and  funds,  as  the  same  are 
yearly  assessed  by  law.  The  amount  of  such  tax  wl  i  would  equal 
two  per  cent,  of  its  gross  premiums  received  in  the  ci'  jf  New  York, 
shall  be  paid  to  the  Treasurer  of  the  fire  departmimt  saiil  city,  and 
the  residue  of  such  tax  shall  be  paid  to  the  city  of  !Sre\  ""ork  as  in  the 
case  of  ordinary  taxation.  Such  payments  shall  exempt  the  company 
from  all  further  taxation.  If  such  assets  shall  bo  reduced  below  said 
amount,  then  such  company  sliall  pay  the  tax  on  premiums  as  provided 
in  case  of  other  fire  companies. 

Foreign  life  insurance  companies  shall  annually  pay  to  the  Superin- 
tendent, on  or  before  the  first  day  of  March,  a  tax  of  two  per  cent, 
upon  all  premiums  received  in  this  State  for  the  year  ending  on  the 
preceding  3 1  st  day  of  December. 

Reciprocal  provision. 

Penalties. — Any  violation  of  the  provisions  of  law  relating  to  fire 
insurance  shall  subject  the  party  violating  to  a  penalty  of  five  hundred 
dollars. 

Any  company  failing  to  file  annual  statements  as  required  by  law, 
and  continuing  business,  is  subject  to  a  penalty  of  five  hundred  dollars, 
and  five  hundred  dollars  for  each  month  such  business  is  transacted. 


HTATCTK    REQriRRMnSTS!. 


Gl 


aplementary 
II  tuich  year, 
ipaiiy  in  the 
ipaiiy  in  the 

artmenl,  the 
Dopartment 

>al   expenses 


pay  into  the 
a  tax  of  two 
pon  all  pre- 
year  ending 

orated  cities 
■ender  to  the 
i  an  account, 
any  incorpo- 
31st  day  of 
ollars  on  the 
)unt  of  such 

funds  in  this 
lars,  shall  be 
the  same  are 
would  equal 
:'  Now  York, 
aiil  city,  and 
ork  as  in  the 
the  company 
id  below  said 
3  as  provided 

the  Superin- 
two  per  cent, 
nding  on  the 


elating  to  fire 
five  hundred 

lired  by  law, 
idred  dollars, 
transacted. 


NORTH  CAROLINA. 

Wm.    II.   llowKBTON,    Srr.rctary  of  State. 

Admission.— Every  company  transactiuK  any  business  in  this 
Stat.!  must  pcsHoss  one  hundrcl  thousand  dollars  m  availal.lo  assets, 
and  shall  appoint  a  KO'ioral  agent,  who  shall  receive  I'rom  the  1  roasurer 
a  lieenso.  and  irom  the  Socrotary  of  State  a  .•ertiCu-ate  autiiorizmg  such 
agent  and  Such  company  to  do  busiiuiss  in  llio  State. 

Every  such  company  shall  also  tile  with  the  Secretary  ot  htate  a  state- 
ment under  the  oath  of  its  chief  officer  or  sonu^  other  officer  appomted  tor 
the  purpose,  showing  the  financial  and  business  condition  of  the  com- 
pany. 

Certificates  and  Agents.— Every  company  upon  filing  its  annual 
report  with  the  Secretary  of  State  must  procure  from  him  a  certificate 

of  authority.  .    .  , 

The  general  agent  must  furnish  each  sub-agent  a  c(jmmi8aion  autlioi  • 

izing  him  to  do  business. 

Fire.  Marine,  and  Life.— Every  company  shall  annually  file 
with  the  Secretary  of  State  a  statement  of  its  condition,  and  stating 
all  unsettled  judgments  against  the  company  from  which  no  appeal 
has  liecii  taken.  Sucli  statement  shall  be  published  m  t.he  newspaper 
having  the  largest  circulation  published  in  the  city  of  Kaleigh. 

There-insurance  reserve  shall  be  computed  as  follows:  i^or  l*ire 
and  xMarine  comi.anies,  at  fifty  per  centum  of  premiums  on  unexpired 
risks  For  Life  companies,  no  table  of  mortality  is  mentioned,  but  in 
computinK  the  reserve,  four  and  one-half  per  cent,  interest  is  to  bo 
assumed  by  mutual  companies  and  five  per  cent,  by  stock  companies. 

Licenses  —Every  general  agent  shall  exhibit  his  appointment  un- 
der seal  of  the  company  to  the  State  Treasurer,  who  shall  issue  a 
license  to  him  which  shall  be  renewed  annually.  He  shall  pay  for  such 
license,  one  hundred  dollars. 

Fees. For  examining  and  approving  annual  statement  or  report, 

twenty-five  dollars. 

Taxes  —Every  general  agent  shall,  on  the  first  days  of  July  and 
January  in  each  year,  make  a  statement  under  oatli  to  the  State  Ireas- 
urer  of  the  gross  premiums  received  in  this  State  for  the  six  mcmths  pre- 
ceding, and  within  thirty  days  thereafter,  the  company  he  represents  shall 
pay  to  the  Treasurer  a  tax  of  two  per  centum  upon  such  premiums. 
Upon  failure  to  make  such  return  and  pay  such  tax  at  tlie  prescribed 
time,  such  company  shall  pay  as  a  tax  tvfo  thousand  dollars. 

The  agent  effecting  insurance  shall,  on  the  first  days  of  July  and 
January  in  each  year,  make  return  to  the  Registrar  of  Deeds  of  the 
county  in  which  the  insurance  is  effected,  the  amount  of  premiums 
received  in  such  county  for  the  six  months  preceding,  and  pay  to  tlie 
sheriff  of  such  county  the  county  tax  asses.M'l  thereon.  1  he  general 
agent  shall  also,  within  thirty  days  after  said  first  days  of  July  and 
January,  make  return  of  the  amount  of  premiums  received  m  eacii 
county  to  the  Registrar  of   Deeds  of  each  county,  and  if  the  local 


.  ,,^»¥Kl£3*W»'!lWVi.i-*^)"ew!»SK' 


69 


STATUTE    nEQl'IRITMRNTN. 


agcni  fiiilB  lo  pay  the  county  .axes  assossed  thcroon  the  gonoral  agc^iit 
ahull  pay  tho  same  to  the  shfMTlT. 

Penalties. — Tf  such  ufrcut  failfl  to  mako  rofiinia  and  pay  taxna, 
ho  shall  forftiit,  and  pay  twonty-fivr  dollars  for  cnrh  policy  thcroaftor 
ncj^otiatod  by  him.  Any  sidi-agcnt  soliciting  insMiancc  witliotit,  a  com- 
niiasiiiii  from  llu^  {r(MH!ral  aycut,  slinll.  on  cdnvicfion,  pay  a,  liiu'  not  less 
than  on(!  thousand  dollars  and  he  imiirisoiicil  not  less  than  ninety  days. 

Any  porpon  acting  as  a  ^'cnoral  agent  without  a  certificate  from 
the  Secretary,  is  liable  to  a  fine  of  not  les.s  than  five  hundred  dollars 
and  imprisonment  at  tho  discretion  of  tin;  court. 


OHIO. 

W.   D.   ilii.L,    Su[jeriHtcvdcnt  of  Insurance. 

Admission. — Every  company  desiring  to  transact  business  in  this 
State,  before  admission  must  file  with  the  Superintendent — 

A  certilied  copy  of  its  charier  or  thied  of  .seLlleinent. 

A  statement,  under  the  oath  of  the  President,  Vice-President,  or 
other  chief  ollicer  and  Secretary  of  the  company,  showing  its  condition 
and  allaii's. 

A  copy  of  the  last  annual  rejiort  of  the  com))any,  if  any  was  made 
under  any  law  of  the  State  by  which  such  company  was  incorporated. 

A  written  instrument  duly  signed  and  sealed,  authorizing  any 
agent  of  the  company  in  this  State  to  acknowledge  service  of  process, 
for  and  in  l)ehalf  of  the  company,  and  consenting  that  service  of  pro- 
cess upon  any  such  agent  shall  be  taken  and  lield  to  be  as  vali(i  as  if 
served  upon  th(!  company,  and  waiving  all  claim  of  error  by  reason  of 
such  acknowh'dgment  or  service  ;  also,  waiving  all  claim  or  riglit  to 
transfer  any  cause  then  or  thereafter  pending  in  any  courts  of  this 
State,  whoein  such  company  may  be  a  party,  to  any  of  the  courts  of 
the  United  States  ;  and  in  case  suit  shall  hv,  brought  against  any  com- 
pany which  lias  ceased  to  do  business  in  this  State,  such  written  in- 
strument shall  also  provide  that  service  of  process  may  be  made  therein, 
by  the  sheriff  sending  a  copy  of  such  process  by  mail,  postage  pre-paid, 
addressed  to  the  company,  at  the  place  of  its  principal  office,  in  the 
State  where  it  was  organized  ;  or,  in  case  of  a  foreign  company,  ad- 
dressed to  the  company  at  the  place  of  its  principal  office  in  the  United 
States. 

Certificates  and  Agents. — Kvery  company,  before  transacting 
business  in  this  State,  must  procure  from  the  Superintendent  a  certifi- 
cate of  authority.  Such  certificate  of  authority,  containing  a  statement 
under  the  oath  of  the  President  or  Secretary  of  such  company,  showing 
the  actual  amount  of  paid-up  (Capital,  the  aggregate  amount  of  assets 
and  liabilities,  together  with  the  aggregate  income  and  expenditures  of 
the  company  for  the  year  preceding  the  date  of  such  certificate,  shall 
be  published  at  least  once  in  every  year  in  some  newspaper  of  general 
circulation  in  every  county  where  such  company  has  an  agent.  A  copy 
of  such  certificate  shall  be  filed  in  the  office  of  the  recorder  of  each 
county  in  wliich  such  company  has  an  agent. 


moral  agent 


pay  tnxes, 
y  tlifToaftor 
lintit,  a  c.nvn- 
(iiii'  not  1('S8 
lidoty  (lays, 
ificiitc  from 
Invl  dollars 


inoss  in  this 


resident,  or 
ts  condition 

y  was  made 
icorpo  rated, 
orizing  any 

ut'  process, 
i'ice  of  pro- 
s  valiii  as  if 
)y  reason  of 

or  right  to 
urts  of  this 
e  courts  of 
st  any  com- 

writteu  in- 
adp  therein, 
ge  pre-paid, 
ffice,  in  the 
jmpany,  ad- 

the  United 


transacting 
3nt  a  certifi- 
a  statement 
ny,  showing 
nt  of  assets 
snditures  of 
ificate,  shall 
r  of  general 
at.  A  copy 
der  of  each 


BTATt  TE    BEQrtRKMKNTS. 


fli 


Every  njjont,  hoforo  tranBacting  hurtinHSs,  nhall  procure  from  the 
Piipf'i'inU'ndnit  ii  licciisi'  fur  I'ai'li  fompany  h((  represents,  and  shall 
d((posit  a  CiTtilii'd  '.^n]^y  of  such  liccnHe  in  the  office  of  tlie  iTcoi'der  of 
the  couiily  in  wliich  the  cilice  of  sucii  agent  is  esiablislicd. 

All  ciMt ideates  shall  lie  renewed  annually,  and  .shall  Ik*  pulilisiii'd 
or  Hied  as  aforesaid. 

Examinations  and  Impairments. — Whenever  the  Superin- 
tendent shall  have  good  reason  tosu.sjject  the  correctness  of  any  annual 
Btalement,  or  that  the  alTuirs  of  any  company  are  in  an  un.sounil  con- 
dition, it  is  his  duty  to  make  or  cause  to  ho  made  an  e.vamiinition  into 
the  atTairs  of  such  ('om|>any.  If  he  deem  it  for  the  he.st  intereslof  the 
public,  he  shall  publish  the  result  of  such  examiinilion  in  a  newspaper 
of  general  circulation  puhlislied  at  (^)luml)us. 

Whenever  the;  alTniis  of  ;iny  company  are  fouiul  to  he  in  iin  un- 
ROun<l  condition,  the  Superintendent  shall  revoke!  lh(»  certilicates  granted 
to  such  company  to  do  business  in  this  State;,  and  shall  publisli  nivtice 
of  such  revocation  in  a  newspaper  publisheil  at  (!olumtnis  and  in  the 
county  where  the  general  agency  of  the  company  is  located. 

A  lire  or  marine  company  cannot  transact  Imsiness  in  this  State 
if,  after  the  company  is  chaiged  witli  its  proper  liabilities  and  a  re- 
insui'ance  fund  as  required  by  law,  the  capital  stock  is  inqjaired  to  the 
extiuit  of  twe)ity  per  cent,  thereof,  wiiile  such  impairment  continues. 

A.  lilo  company  cannot  transact  Imsiness  in  this  State  if  its  assets 
are  not  equal  to  its  outstanding  liabilities,  including  its  premium  reserve 
ascertained  as  required  by  law. 

Fire  and  Marine. — Every  company  must  possess  a  paid-up  capi- 
tal of  one  hundred  thousand  dollars.  ■ 

The  re-insurance  fund  is  computed  at  fifty  per  cent,  of  the  whole 
amount  of  premiums  received  on  \mexpired  risks  and  policies. 

Annual  statennmts  of  lire  insurance  companies  shall  be  liled  on  the 
first  day  of  January  in  each  year,  or  within  thirty  days  thereafter,  .show- 
ing the  conditiem  and  business  of  the  company  on  the  preceding  31. st 
day  of  December. 

Annual  statements  of  marine  companies  of  like  character  shall  be 
filed  on  the  first  day  of  January,  or  within  sixty  days  thereafter. 

Life. — Every  stock  company  must  possess  an  actual  paid-up  capital 
of  one  hundred  thousand  dollars.  Every  mutual  company  must 
possess  actual  cash  assets  to  the  amount  of  one  hundred  thousand 
dollars. 

Every  such  company  shall  deposit  with  the  Superintendent  of  this 
State,  or  the  proper  officer  of  the  State  where  it  is  organized,  for  the 
benefit  of  all  its  policy-holders,  stocks  and  bonds  of  some  one  of  the 
States  or  of  the  United  States,  of  the  market  value  of  one  hundred 
thousand  dollars  in  the  city  of  Now  York,  or  loans  on  bonds  secured 
by  mortgage  of  unincumbered  real  estate  situated  in  this  State  or  the 
State  where  the  company  is  organized,  of  like  amount. 

If  such  deposit  be  made  in  some  other  State,  the  Superintendent 
shall  be  furnished  with  a  certificate  under  the  hand  and  official  seal  of 
the  ofiScer  holding  such  deposit,  showing  that  he  holds  such  securities 
in  trust  and  on  deposit  for  the  benefit  of  all  the  policy-holdei's  of  such 


*f 


..vJfe.-^J*rige^|WM>-  ' 


64 


BTATlTTr.    RF.qtTIRK.Mr.NTR, 


compnnv,  pivinjj;  tlio  items  of  surh  KOcurifioH  and  stating  that  he  is 
satifiiii^il  iIk'.v  lire  worth  iit  li-a.st  one  hiiniin'd  tlioustunl  (Inllnrs, 

Annual  Htutfiunnis  nniwi  Ih>  (iltMl  on  tlic  liift  iliiy  of  .litnuaiy  in  ■acli 
V«'iir.  or  witliin  mxty  (iftVH  thoroaftor,  Hlrnvvinj^  tin- iitTiiirs  and  condi- 
tion of  the  conipany"  on  tlu>  procc(iinK  :»lHt  day  of  hcccinlMT. 

Tlio  iircniMuii  rcH.'rvc  >liidl  Ix"  CMniiutt'd  on  tlii'  linsis  of  the  Ainori- 
civil  Kxiicricncc  ThMh  of  Morliilily.  witli  inli'rcst  iil  fMiir  and  (>iichMlf 
porccnt.  'I'lic  Siipcrintondcnt  sliiill  aiinunily  vitliic  liw  policies  out,- 
HtnndinK  in  id!  companies  doing  hiisintw  in  tiiis  Sfuto  wiiicli  do  iiot 
furnish  liini  a  cortiticatc  from  an  nfliccr  of  sonic  otiior  Static  authorized 
bv  hiw  to  make  vidiuitions,  showing  a  valuation  of  such  policies  upon 
the  standard  estnlilislied  l.y  tiie  law  d'  this  State,  or  upon  anyotiier 
Htandard  of  valuation  which  shtill  make  the  value  of  such  policies  not 
lesH  than  that  by  tho  standard  of  valuation  adopted  liy  this  State. 

Foreign. — Kvery  company  must  make  a  deposit  with  the  Super- 
intendent of  on(^  hundred  tlmiVsaiid  dollars  in  the  stocks  of  tlu«  State 
of  Ohio,  or  of  the  United  States,  for  the  henelit,  in  ca.se  of  fin-  com - 
l)anies,  of  policy-holderH  in  this  State,  ami  in  case  of  life  companies,  of 
tho  policy-holders  in  the  I'nited  States. 

The  capital  of  a  foreign  (iro  coniimny  shall  be  the  agu'reKnte  value 
of  its  deposits  with  tho  several  States,  and  the  amount  of  its  invost- 
ments  held  by  trustees,  citizens  of  the  Tnited  States  approved  by  the 
Insurance  Ctmimissioner,  for  thebenelitof  policy-holders  in  the  United 

States. 

In  addition  to  the  annual  statimient,  every  such  company  sliall  an- 
nually file  at  tho  same  time  a  stipplementary  .statement  showing  its 
investments,  condition,  and  dlTairs  in  the  I'nited  States  on  the  preceding 
lUst  day  of  December. 

Such  supplementary  statement  must  be  verified  in  case  of  fire  com- 
panies by  the  oath  of  the  manager  residing  in  the  United  States,  and 
in  case  of  life  companies  by  the  oath  of  general  agent  or  attorney  in 

this  State. 

Deposits.     (See  Life  and  Fobeion.) 

Fees. For  filing  and  examination  of  the  first  application  of  any 

company,  twenty-five  dollars. 

For  filing  the  annual  statement,  twenty  dollars. 

For  each  certificate  of  authority,  or  license  and  certified  copy 
thereof,  two  doUtirs. 

For  every  copy  of  any  paper  filed  in  the  office  of  the  Superintend- 
ent, twenty  cents  per  folio  ;  and  for  affixing  the  seal  of  office  and  cer- 
tifying the  same,  one  dollar. 

Any  company  may  pay  to  the  Superintendent  two  hundred  and 
fifty  dollars  for  licenses  to  its  agents,  and  may  appoint  as  many  agents 
as  it  chooses  without  further  charge. 

For  valuation  of  life  policies,  one  cent  for  each  thousand  dollars  of 
insurance  valued. 

For  making  examinations  of  companies,  the  actual  expenses  in- 
curred. 

Reciprocal  provision. 

Taxes. The  agent  of  every  insurance  company  shall  return  to 


a:  that  ho  ia 

liirs, 

mary  in  "nch 

t  mill  condi- 

her. 

)f  the  Atiiori- 

1111(1   (lllC'llMlf 

pdlicics  out,- 
^•liicli  (III  not 
U'  uiilhnii/.cd 
|io!i(:i('s  upon 
(III  iiiiy  otlii'i' 
I  |i(ilici('s  Udt 
is  Htato. 

h  ilm  Siiimr- 
of  tlu«  State 
(if  fln'  com- 
•oinpaniee,  of 

,'rejj;iite  valuo 
)f  its  invest- 
roved  by  the 
in  the  United 

muy  shall  an- 
t  showing  its 
the  procediiiij; 

0  of  fire  com- 
d  States,  and 
n-  attorney  in 


cation  of  any 

iertified   copy 

Superintend- 
i)flice  and  cer- 

huiidred  and 
5  many  agents 

md  dollars  of 

expenses  in- 

lall  return  to 


dTATiiTi:  Rii:qtMHr.Mr,NTJ«. 


AA 


the  Auditor  of  the  county  in  which  his  omce  is  located,  in  the  month 
of  Mavanninillv,  a  statement  of  the  K''.hs  amount  .,f  preinmuis  c^ 
coivedhv  hiiM,  whichslinll  he  entered  „n  the  tax  hst  of  the  ''ount  v  a  d 
be  Hid.iect  to  the  same  rate  of  taxation  ns  personal  pmiier  y  AM  per- 
sona property,  .noneys,  and  credits  within  this  State  belonK.nK'  < » 
any  '-'npluiy  shall  in  like  manner  he  entered  upon  the  tax  hst  utid  be 
subject  to  taxation. 

Itociprocal  provision. 

Penalties.-Kvorv  person  violating  th.<  provisions  of  law  relating 
to  insurance,  shall  bo  liable  to  a  line   not  exceedmg  five  hundred  dol- 

'""''Everv  agent  who  shall  act  in  this  State  for  any  company  tliat  ii.^g- 
lects  or  refuses  to  make  an  annual  .statement  as  re(inire.l  by  law  s ha  1 
be  subject  to  a  line  of  live  i.u.idred  dollars,  and  live  hundred  I'.olla.s 
for  each  month  he  continues  to  do  busiiums  for  such  company. 


OREO-ON. 

Btepiien  F.  ChiADWicK.   Secretary  of  State. 
Admission.-Rvery  company  desiring  to  transact  bvwine.^  \u  this 
Stat^TTil^S  before  engi-.g  Tn  business,  duly  exoc.-'c  ^^f^^^e 
edtre  a   t)ower  of  attorney  appointing  some   persov,  a  cmz<.u  ot    .lie 
uSeS  Stales  and  a  ci.izii.  al.ll  resident  of  this  State,  an  attorney  fo^ 
such  company,  with  authority  and  power  to  accept  soryv',  7.'',.,  V.,  ,' 
and  process   necessary  to  give  complete    unsdiction  of  sue!   coTnl;.:ly 
to   ho  cvLirts  of  this  State,  and  providing  that  lawful  and  vahd  s.mco 
may   be  made  upon  such  attorney  in  any  action  by  or  ..gama     mc 
ZLLy  in  any  -ourts  of  this  State.     Such  power  of  atte.  aey  .hall  bo 
reZled  in  Z  county  clerk's  office  of  each  county  where  such  ^■ 
pany  has  a  resident  agent,  and  so  long  a*  such  company  sh:,      hav, 
pla(es  of  liusiness  in  this  State,  shall  bo  irrevocable,  o^cepi  oy  th.  ^  .K 
ititution  of  another  qualified  person  for  the  one  mentioned  .}unvy.>  as 
attorney  for  such  company. 

Agents.— Life  insuraiu;e  agoi.ts  or  nolicitors  are  required  to  pro- 
cure  from  the  Secretary  of  Slate  a  license. 

Firfl  and  Marine  —Every  fire  or  marine  compau^^,  b<  lori;  pnga>r- 
ingfululelhUh^  State,  slJu  deposit  with  the  Stat.  Ti.a surer  u^ 
thi  benefit  and  security  of  pers(.ns  transacting  •;;;^^;^,,;^f^\  f^^f 
company  in  this  State,  the  sum  of  fifty  thousand  dobai.  ui  tlw  teve.t- 
bearing  bonds  of  the  Unifni  States,  or  in  the  bondb  of  -^y^^^^^; 

Ev!ry  such  company  shall  procure  from  the  .--  .  >*.sy  of  Stat.,,  and 
affix  to  every  policy  issued  by  it  in  this  State,  •  /amps  to  fohowfe. 

Every  jJlicy  on  which  the  premium  is  lo  „  ^^lan  fn  dollars,  a  stamp 

of  the  vilie  of  ten  cents,   over  te.    .oh  u.  and  less  than    wenty  do  ■ 

lars  a  stamp  of  the  value  of  tw,•.^n^^  cents;    over  twenty  dollars  ad 

ess  Smn   fifty  dollars,  a  'tan,.,  of  the  value  of  fifty  cen^s;    over  litty 

doILuraud  iL  than  one  hundred  dolkrs,  a  stamp  of  the  valuo  of  one 


f; 


66 


BTATtTTE    nEQUIREMENTP. 


dollar.     An  additional   ono  por  cent,  on  all  sums  over  ono  hundred 
dollars. 

Life.—A  11  companies  having  agents  or  solicitors  within  this  State 
shall  annually  pay  to  the  TreasurcM-  of  this  State  one  himdrod  dollars 
in  gold  coin  "of  the  United  States. 

Fees. — To  Secretary  of  State: 

Por  recording  each  certifi<'ate  of  deposit  and  issuing  such  certificate 
to  depositors,  t\ve'>ty-fivo  dollars. 

Por  issuing  Lcense  to  life  insurance  agents  or  solicitors  annually, 

ten  dollars. 

To  the  Treasurer: 

Por  receiving  and  filing  a  certificate  of  deposit,  ten  dollars. 

Por  keeping  deposits  and  returning  to  depositors  coupons,  one- 
eighth  of  one  per  cent,  per  annum  on  all  deposits  made  with  him. 

Taxes.— All  deposits  made  in  this  State  shall  be  subject  to  taxa- 
tion to  the  same  extent  as  other  property  in  this  State. 

Penalties. — Every  person  acting  or  professing  to  act  as  agent  for 
anv  company  before  such  company  shall  comply  with  the  provisions  of 
law,  shall  be  guilty  of  a  misdemeanor,  and  subject  to  a  fine  not  exceed- 
ing one  thousand  dollars,  or  hnprisonment  in  a  county  jail  not  exceed- 
ing one  year,  or  such  fine  and  imprisonment  both. 


PENNSYLVANIA. 
J.  M.  PoKSTER,  Insurance  Commissioner. 

Admission.— Every  company  desiring  to  transact  business  in  this 
State  before  admission  must  file  with  the  Insurance  Commissioner— 

A  certified  copy  of  its  charter. 

A  statement  verified  by  the  signature  and  oaths  of  the  President 
or  Vii;e-President  and  Secretary  or  Actuary  of  the  company,  showing 
its  affairs  and  condition. 

A  wi-itten  stipulation,  duly  authenticated  by  the  company,  agreeing 
that  any  legal  pi-ocess  affecting  the  company  served  on  the  Insurance 
Commissioner  or  the  party  designated  l)y  him,  or  the  agent  specified 
by  said  company  to  receive  service  of  process  lor  such  company,  shall 
have  the  same  effect  as  if  served  personally  cm  the  company  within 
this  State;  and  if  such  company  should  cease  to  maintain  an  agent  in 
this  State  so  designated,  such  process  may  be  thereafter  served  on  the 
Insurance  Commissioner.  So  long  as  any  hability  of  such  company 
to  any  resident  of  this  State  continues,  such  stipulation  cannot  be 
revoked  or  modified,  except  that  a  new  one  may  be  substituted,  so  as 
to  require  or  dispense  with  service  at  the  office  of  the  company  m  this 
State.  , 

Certificates  and  Agents.— Every  company,  before  transacting 
business  in  this  State,  must  procure  from  the  Commissioner  a  certificate 
of  authority  showing  that  such  company  is  authorized  to  do  business 
in  this  State. 


ono  hundrpd 

liiii  this  State 
indred  dollars 


3ucli  certificate 
iitors  annually, 


lollars. 

coupons,  ono- 
with  him. 

subject  to  taxa- 

ict  as  agent  for 
le  provisions  of 
ine  not  exceed- 
jail  not  exceed- 


business  in  this 
nmissioner — 

'  the  President 
npany,  showing 

npany,  agreeing 

1  the  Insurunco 

agent  specified 

company,  shall 

jompauy  within 

ain  an  agent  in 

r  served  on  the 

such  company 

ition  cannot  be 

iibstituted,  so  as 

company  in  this 

fore  transacting 

jner  a  certificate 

to  do  business 


STATtTK    T!F,(^rUiF,MF,NTS. 


67 


Every  such  company  shall   from  time  to  time  certify  t^o  the  Com - 
missiS  the  names  of  the  agents  appointed  by  it  to  solicit  risks  in 

^^"'Ev-eiT  such  agent,  before  transacting  business  for  any  such  com- 
pany shall  i.rocure  from  the  Commissioner  a  certil.ciito  of  authority 
showing  that  the  company  has  coMU-lied  with  the  requirements  of  law 
and  that  he  is  duly  appointed  its  agent. 

All  certificatiis  must  be  renewed  annually. 

Examinations  and  Impairments.-The  Commissioner,  for 
proSr;u.se,  may  visit  and  exaniine  any  -;7'-y;^3J—  tfe 
this  State  provided  such  company  is  not  located  in  a,  State  ^^heie  the 
sb^tantial  provisions  of  the  act  of  this  State  entitled  "An  Act  to 
SSsh  aV'liiL-ance  Department;-  are  e,^  l']^  r^rr  suK 

deem  it  for  the  interest  of  the  pub  he,  he  ..hall  W^^^fJ^^'  '^^f^^^ 
such  examination  in  one  or  more  publications  in  this  State.  He  shaU 
revoke  or  modify  any  certificate  of  authority  g''^^^^^.^^  "^  "\Sv  i's 
anv  such  company,  whenever  its  assets  are  insuOicient  to  justify  its 
Snuance  hJ  b/siness,  or  when  any  conditions  prescribed  by  law  for 
granting  it  no  longer  exist. 

If  the  capital  stock  of  any  fire  or  marine  company,  after  the  com- 
pany is  charged  with  all  debts  and  claims  against  ^t  and  the  sum  ,e^ 
miired  bv  law  for  a  re-insurance  fun.l,  is  impaired  to  the  extent  ot 
twenty  per  centum,  the  Commissioner  shall  give  notice  to  the  company 
o  nmke^good  its  whole  capital  stock  within  sixty  days;  and  if  this  is 
noi  done\e  shall  require  the  company  to  cease  to  do  business  m  this 

^^%  any  life  insurance  company  has  not  on  hand  the  net  value  of 
all  its  policies  in  force,  ascertained  as  required  by  law,  after  provud- 
ing  for  all  debts  and  claims  against  it,  exclusive  of  capital  .  ^;ck  the 
Coinmissioner  shall  publish  the  fact  that  the  ^1"^"  ^^^f  "§  7'',  .^°"  f 
the  affairs  of  such  company  is  below  the  standard  of  legal  safety  es- 
tablished by  the  laws  of  this  State,  and  shall  require  the  company  at 
once  to  cease  doing  new  business. 

Fire  and  Marine.— Annual  statements  must  be  filed  on  the  first 
day  of  January  in  each  year,  or  within  sixty  days  thereafter  showing 
the  condition  and  business  of  the  company  on  the  preceding  thirty-hist 

^^Vhe  re-hisurance  fund  is  computed  at  fifty  per  centum  of  all  premi- 
ums received  on  unexpired  fire  risks  having  less  than  one  year  to  run 
and  pro  rata  of  all  premiums  received  on  unexpired   fire  risks  that 
have  more  than  one  year  to  run;   the  entire  premium  received  on 
unexpired  marine  and  inland  navigation  risks. 

Life  —Annual  statements  must  be  filed  on  the  first  day  of  January 
in  each  year,  or  Within  sixty  days  thereafter  showi^ng  the  condition 
and  business  of   the  company  on   the  preceding  thirty-hrst   day  of 

^'''^kaUons  are  made  upon  the  basis  of  the  American  Expenence 
Table  of  Mortality,  with  interest  at  four  and  one-half  per  centum  per 
annum,  except  in  cases  of  companies  possessing  a  cash  capital  of 
five  hundred  thousand  dollars  fully  paid  in  and  safely  mvested.     Ihe 


I 


dfi 


STATUTE    ItEQI'lREMENTS. 


1  / 


pnsmium  reserve  of  any  such  company,  upon  non-participating  policies, 
may  be,  cfmipiited  on  th(>  basis  of  tiio  American  ExpeiicMico  Table  of 
Mortality,  with  interest  at  not  less  than  four  and  oiie-half  nor  more 
than  six"  per  centum  per  annum  in  lh(i  discretion  of  the  Commissioner, 
and  with  refc^rence  to  the  rates  of  premium  charged  by  such  company. 
The  (!ommissioner  is  required  to  annually  calculate  the  premium 
reserve  of  every  company  which  does  not  furnish,  on  or  before  the 
first  day  of  March  in  each  year,  a  certificate  from  the  Insurance  <Jom- 
missioner  of  the  State  under  whose  authority  the  company  is  organ- 
ized, showing  the  value  of  all  the  policies  in  force  in  the  company  on  the 
preceding  thirty-first  day  of  December,  calculated  on  the  basis  required 
by  the  laws  of  this  State,  and  stating  that  after  all  the  debts  of  the 
company  and  claims  against  it  were  provided  for,  it  had  in  safe  secur- 
ities an  amount  equal  to  the  n(>t  value  of  all  its  policies  in  forc(\  and 
that  the  company  was  entitled  to  do  business  in  its  own  State.  Kvery 
company  that  fails  to  promptly  furnish  such  certificate  shall  make  full 
detailed  lists  of  its  policies  and  securities  to  the  Commissioner,  and 
pay  all  charges  and  expenses  t;onsequent  on  not  having  furnished  such 
certificate. 

Foreign. — Annual  statements  other  than  those  relating  to  business 
in  the  United  States  must  be  filed  on  or  before  the  first  day  of  July  in 
each  year,  showing  the  condition  and  business  of  the  company  on  the 
preceding  thirty-first  day  of  December. 

Fees.— For  filing  certified  copy  of  charter,  twenty-five  dollars. 
For  filing  annual  statement,  or  certificate  in  lieu  thereof,  twenty 

dollars. 

For  each  certificate  of  authority  and  certified  copy  thereot,  two 

dollars. 

For  every  copy  of  any  paper  filed  in  the  department,  tw(  ity  cents 
per  folio;  and  for  affixing  the  official  seal  to  such  copy  and  certifying 
the  same,  one  dollar.  ,.        , 

For  valuation  of  life  insurance  policies,  not  exceedmg  three  cents 
for  each  one  thousand  dollars  of  insurance  valued. 

For   ofiicial   examinations  of   companies,  the  actual  expenses  ui- 

ciirrGQ. 

If  the  necessary  expenditures  of  the  Department  exceed  the  amount 
of  fees  collected,  such  excess  shall  be  annually  assessed  by  the  Coni- 
missioner  in  just  proportion  upon  all  insurance  companies  doing  busi- 
ness in  this  State. 

Taxes. Every  company  authorized  to  transact  business  in  this 

State  shall"  annually,  in  the  month  of  January,  report  to  the  Commis- 
sioner under  the  oath  of  its  President  or  Secretary,  the  entire  amount 
of  premiums  received  by  such  company  in  this  State  during  the  year 
ending  on  the  preceding  thirty-first  day  of  December,  and  pay  mto  the 
State  Treasury  a  tax  of  three  per  centum  on  such  premiums. 

Penalties.— Any  company  neglecting  to  make  or  transmit  any 
statement  required  shall  forfeit  one  hundred  dollars  for  each  day's 

neglect. 

Any  person  transacting   business  for  any  company  without  procur- 


L 


ig  policies, 
;(i  Table  of 
'  nor  more 
imissinnei", 
I  company, 
s  premium 
before  the 
-ance  Com- 
y  is  orgaii- 
lany  on  tbo 
iis  n^qnii'ed 
ihts  of  tlie 
safe  secur- 
forc(\  and 
te.  Every 
.  make  full 
sioner,  and 
lishod  such 

to  business 

of  July  in 

,'i.ny  on  the 

dollars, 
eof,  twenty 

hereof,  two 

RTc  "ity  cents 
I  certifying 

three  cents 

xpenses  in- 

the  amount 

jy  the  Com- 

doing  busi- 

aess  in  this 
;he  Commis- 
itire  amount 
ng  the  year 
pay  into  the 
as. 

■ansmit  any 
r  each  day's 

liout  procur- 


BTATt'TE    HEQinnKMENTS. 


69 


ing  a  certificate  of  authority,  and  every  ^^^"'V^^y.^o'^'f  ^''"^^'ZTZ 
out  c..mi.lvin-  with  the  re.iuirements  of  law.  slmll  forte  t  and  pay  tlie 
sum  oriiv.  Imndred  dollars  for  each  month  and  fractu.n  thereof  m 
wliicii  mch  illegal  business  is  transacted. 


RHODE  ISLAND. 

Joel  M.  Spenoeu,  Insumnce  Commissi  -.er. 
Admission.-Every  company  desiring  to  transact  business  in  this 
State,  befon*  admission  must  iile  with  the  Commissioner— 
A  certified  copy  of  its  charter. 

A  staLment  l^ned  and  sworn  to  by  the  ^--^"/^ -^^^^^"^^^^-^ 
of  the  company,  showing  the  condition  and  affairs  of  the  ^on  pany. 

Every  comimny  shall  appoint  by  a  written  power  some  citizen  of 
this  State  resident  then^in,  its  attorney,  with  authority  to  acx-ept 
seJvic^  (rf  picess  against  such  company  in  this  State,  and  upon  whom 
a^Uawful  Voeess  fgainst  such  company  in  th  s  State  may  be  served. 
A  copy  of  such  powe^-  of  attorney,  duly  certified  and  authen  icated 
shall  be  filed  with  the  Commissioner;  and  no  such  power  of  a  torncy 
Si  be  revoked  until  after  a  like  power  shall  i^-e  been  given  K, 
some  other  competent  person  and  a  copy  thereof  file.l  with  the  Com- 
missioner. 

Certificates  and  Agents.-Every  agent,  before  transacting 
business  for  any  company,  shall  give  bond  to  the  general  treasurer, 
S  two  or  more  sureties  .0  be  approved  by  h  m,  m  the  sum  of  one 
thousand  dollars  at  least,  conditioned  to  make  the  annual  returns  and 
pay  the  taxes  prescribed  by  law. 

Every  agent  shall  exhibit  in  conspicuous  letters,  on  the  sign  desig- 
nating his  place  of  business,  the  name  of  the  State  under  whose  author- 
ity the  companv  he  represents  is  incorporated;  and  such  company  and 
agent  shall  have  printed  in  large  type  the  name  of  such  S  ate  upon  a 
pSlicies  issued  to  citizens  of  this  State,  on  all  cards,  placards  and 
pamphlets,  and  in  all  advertisements  published,  issued,  or  circulated  in 
this  State  relating  to  the  business  of  such  company. 

No  sLh  agent  doing  business  in  any  town  in  this  State  shall  estab- 
lish a  branch  agency  in  any  other  town. 

Examinations.— The  Commissioner  may,  when  he  shall  deem  it 
important  for  the  safety  of  the  policy-holders,  visit  and  examme  the 
condition  of  any  company  doing  business  m  this  State. 

Fire  and  Marine.— Every  company  shall  possess  a  capital  of 

one  hundred  thousand  dollars.  .v,     «    .  j„„ 

Every  fire  company  shall  file  its  annual  statement  on  the  first  day 
of  January  in  each  year,  or  within  thirty  days  thereafter,  showing  its 
business  and  condition  on  the  preceding  31st  day  ot  December 

Every  marine  company  shaU  file  its  annual  statement  on  the  farst 
day  of  January  in  each  year,  or  within  sixty  days  thereafter  showing 
its  business  and  condition  on  the  preceding  31st  day  of  December. 
The  Commissioner  shall  annually  publish  an  abstract  of  the  statements 


I 


70 


WTATl'TF.    UKQITIURMKN'I'S. 


thereof  shall  hv  paid  by  nach  ct)ni- 


filod  in  his  office,  and  thn  expense 

Life, — Every  company  mnst  possess  one  hundred  tliousand  dollars 
in  good  and  safe  stocks  or  securities,  and  deposit  the  same  with 
the  Auditor,  Comptroller,  or  chief  financial  officer  of  the  State  by 
whoso  laws  the  company  is  incorjioratcd,  and  furnish  the  general 
Treasurer  with  the  certificate  of  such  officer,  under  his  hand  and  official 
seal,  showing  that  he  holds  such  stocks  and  securities  in  trust  and  on 
deposit  foi'  the  benefit  of  all  the  policy-holders  of  such  company,  giving 
the  items  of  such  securities,  and  stating  that  he  is  satistiiid  that  such 
securities  are  worth  one  hundred  tliousand  dollars. 

Annual  statements  shall  ho  filed  on  the  first  day  of  January  in  each 
year,  or  within  sixty  days  thereafter,  showing  the  business  and  condi- 
tion of  the  company  on  the  preceding  :nst  day  of  December.  The 
Commissioner  shall  annually  publish  an  ab.itract  of  each  statement  filed 
in  his  office,  and  the  expense  thereof  shall  Ije  paid  by  the  company. 

Foreign. — Annual  statements  of  business  other  than  that  done  in 
the  United  Stales  shall  be  filed  on  or  before  the  first  day  of  July  in 
each  year,  showing  the  condition  and  business  of  the  company  on 
the  preceding  3 1  st  day  of  December. 

Fees, Upon  the  deposit  of  chartei-  and  power  of  attorney  to  each 

agent,  there  shall  be  paid  the  sum  of  five  dollars. 

For  examinations  of  companies,  the  actual  expenses  incurred. 
Reciprocal  provision. 

Taxer. Every  agent  shall,  during  the  month  of  January  in  each 

year,  make  return  to  the  gentn-al  Treasurer  of  the  ainount  insured  or 
procured  to  be  insured  by  him  in  this  State;  during  the  year  preceding, 
and  of  the  amount  of  premiums  received  and  assessments  collected 
during  the  same  period,  and  shall  at  the  same  time  pay  to  the  general 
Treasurer  a  tax  of  two  per  cent,  on  the  amount  of  such  premiums  and 
assessments. 

Reciprocal  provision. 

Penalties. — Every  person  acting  as  agent  for  any  company  within 
this  State  respecting  the  issue  of  any  policy  of  insurance,  when  such 
coinpany  has  not  complied  with  the  requirements  of  law,  shall  be 
fined  not  less  than  three  hundred  dollars  nor  more  than  one  thousand 

dollars. 

Any  agent  of  any  company  doing  business  without  complying  with 
the  requirements  of  law  shall  be  fined  one  thousand  dollars. 

Every  agent  refusing  or  neglecting  to  answer  any  interrogatories 
of  the  Commissioner  for  thirty  days  shall  be  fined  one  thousand 
dollars. 


SOUTH  CAROLINA. 

Samuel  M.  Hoge,  Comjitroller  General. 

Admission. — Every  company  desiring  to  transact  business  in  this 
State,  before  admission  must  file  with  the  Comptroller  General — 


STATUTE    REQUIREMENTS. 


71 


oaoh  ct)ni- 

,nd  dollars 
same  with 
■}  State  by 
le  general 
md  official 
iiBt  and  on 
,ny,  giving 
that  such 

iry  in  each 
and  condi- 
ibor.  The 
■ment  filed 
mpany. 

at  done  in 
of  July  in 
)mpany  on 

ley  to  each 
irred. 

iry  in  each 
insured  or 
preceding, 
s  collected 
jhe  general 
iiiiums  and 


)any  within 
when  such 
w,  shall  be 
le  thousand 

pljdng  with 

srrogatories 
3   thousand 


A  cortinp<l  copy  of  its  chiirtc'r.  ^       .         t  A.^ 

A  statement,  under  the  oatli  of  the  President  or  Secretary'  of  the 
company,  slunving  the  capital  stock,  assets,  and  liabilities  of  tlu.  com- 
pany, which  .stateineiit  shall  be  published.  „   ,     ,„      ^  ,,. 

\  certili.'d  copy  of  the  vote  or  resolution  of  the  1  rustees  or  Dire.- 
tors  of  sucli  company  appointing  an  agent  or  attorney  of  the  company, 
accompanied  by  a  warrant  of  appointment  under  the  seal  of  the  coin- 
pany  and  signed  by  the  President  and  Secretary,  which  vote  and  ap- 
pointment shall  coiitain  a  provision  consenting  that  process  ot  law  may 
be  served  cm  such  ag.mt  for  all  liabilities  of  every  nature  incurred  in 
this  State  by  the  comi)any,  and  that  such  service  shall  be  vahd  and 
binding  upon  the  company. 

Certificates  and  Agents.-The  Comptroller  General  whenever 
a  company  has  complied  with  the  requirements  of  law,  shall  issue  to  it 
a  certificate  to  that  elTect  and  stating  the  name  of  the  attorney,  w  uch 
certificate,  when  filed  in  the  county  clerk's  office  of  the  county  where 
the  agency  of  the  company  is  to  be  located,  shall  be  the  authority  to 

commence  business.  ,,,-.■       v  f,  ^ 

Every  agent,  before  transacting  business,  shall  ootain  a  license  fiom 
the  Comptroller  General,  which  shall  expire  and  he  renewed  on  the 
31st  day  of  March  in  each  year.  Every  agent  shall  cause  such  license 
to  be  published  in  some  newspaper  designated  by  the  Comptroller 
General,  having  circulation  in  the  county  in  which  he  resides. 

Fire  and  Marine.— Annual  statements  must  be  filed  with  the 
Comptroller  General  and  published. 

Life.— Annual  statements  must  be  filed  with  the  Comptroller  Gen- 
eral and  pubUshed. 

Fees.— For  every  license  or  certificate  issued  to  any  company  or  its 
agents,  five  dollars. 

Taxes  —Each  ag(mt  shall  annually  in  the  month  of  July,  or  beJiore 
the  20th  day  of  August,  return  to  the  Auditor  of  the  county  in  which 
such  agency  is  located,  a  sworn  statement  of  the  gross  receipts  of  such 
aeency  for  the  year  imding  on  the  preceding  first  day  of  July,  together 
with  all  the  valae  of  any  personal  property  of  any  company  situated  at 
said  agency,  and  shall  be  charged  with  taxes  on  the  amount  so  returned 
at  the  place  of  said  agency. 

Penalties  —Every  person  or  corporation  violating  any  of  the  pro- 
visions of  law  relating  to  insurance  shall  be  subject  to  a  penalty  of  five 
hundred  dollars  for  each  offense. 


iness  in  this 
eral — 


TENNESSEE. 
"William  Morrow,    Commissioner  of  the  Insurance  Department. 
Admission.— Every  company  desiring  to  transact   business   m 
tliis  State,  before  admission  must  file  with  the  Commissioner— 
A  certified  copy  of  its  charter,  or  deed  of  settlement. 


<|.—rtCtf«-gtj<WKlf*IMJLJ.Jn'-t-Ui.T'i 


72 


STATUTE    REQriREMENTS. 


A  Statement  of  its  condition  on  tho  Slst  day  of  Decembor,  i)re- 
ceding,  snbHcrih(!d  iiiidor  oatli,  by  the  President  and  Secretary,  or 
other  cliinf  otiicer  of  tiie  company. 

A  written  instrument  under  seal  of  the  company,  and  signed  by 
tlio  President  and  Secretary,  autliorizing  the  Secretary  of  State  in  case 
of  Life  companies  and  tiie  Insurance  Commissioner  in  case  of  all 
other  companies  to  acicnowiedge  service  of  pro(!e8s  for  and  in  behalf 
of  the  company,  and  consenting  that  sorvi<;e  of  proc(>ss  on  the  Secre- 
tary of  State  or  Insurance  (Commissioner  as  the  cas(!  may  be  shall 
be  tiiken  and  heM  as  valid  as  if  served  upon  the  company,  and  waiv- 
ing all  claim  of  error  by  reason  of  such  service;  also  waiving  all 
claim  or  right  to  remove  any  cause  now  oi-  liereafter  pending  in  any 
courts  of  this  State,  in  which  such  company  is  a  party,  to  any  of  the 
courts  of  the  United  States. 

Certificates  and  Agents. — Every  company  shall  certify  to  the 
Commissioner  the  names  of  all  agents  appointed  in  this  State,  and 
tho  Commissiojier  shall  issue  a  ceitificate  of  authority  to  such  agents, 
authorizing  them  to  transact  business  for  such  company.  Every  Life 
Insurance  company  shall  procure  a  License  from  the  Insurance  Com- 
missioner. 

All  certificates  and  licenses  shall  be  renewed  annually  in  January. 

Agents  of  all  companies  except  life  shall  deposit  a  copy  of  the  cer- 
tificate of  authority,  duly  certified,  with  the  clerk  of  the  county  in 
which  the  office  of  the  agent  is  located. 

Examinations  and  Impairments. — The  Commissioner,  when- 
ever he  shall  deem  it  expedient,  may  examine  into  the  afTairs  of  any 
company  transacting  business  in  this  State.  If  it  shall  appear  from 
such  examination  that  the  affairs  of  such  company  are  in  an  unsound 
condition,  the  Commissioner  shall  revoke  all  authority  to  such  com- 
pany or  its  agents  to  do  business  in  this  State,  and  cause  a  notification 
thereof  to  be  published  at  least  three  times  in  some  newspaper  in  the 
city  of  Nashville. 

A  fire  or  marine  company  is  in  an  unsound  condition  whenever  its 
capital  stock,  after  the  company  is  charged  with  its  proper  lial)ilities 
and  a  re-insurance  fund,  as  provided  by  law,  is  impaired  more  than 
twenty  per  cent. 

A  life  company  is  in  an  unsound  condition  if  it  does  not  possess 
one  hundred  thousand  dollars  in  excess  of  the  amount  of  assets  nec- 
essary to  provide  for  all  outstanding  and  unpaid  debts  and  claims,  and 
to  provide  a  re-insurance  reserve  computed  as  required  by  law. 

Fire  and  Marine. — Every  company  must  possess  at  least  two 
hundred  thousand  dollars,  cash  capital,  of  which  one  hundred  thou- 
sand dollars  shall  be  invested  in  United  States  bonds,  or  bonds  of 
one  or  more  of  the  States. 

Annual  statements  must  be  filed  on  the  31st  day  of  December  in 
each  year,  or  within  thirty  days  thereafter,  showing  the  condition  of 
the  company  on  the  said  .31st  day  of  December. 

The  re  insurance  fund  is  computed  at  fifty  per  cent,  of  all  pre- 
miums on  unexpired  risks  having  not  more  than  one  year  to  run,  and 
pro  rata  of  premiums  on  risks  having  more  than  one  year  to  run. 


STATUTE    REQflHKMENTS. 


73 


?ml)er,  pro- 
3crotary,  or 

signed  by 

tatu  in  caso 

case  of  all 

in  bi'lialf 

the  S((cre- 
ly  bo  shall 

and  waiv- 
i^aiving  all 
ng  in  any 
any  of  the 

tify  to  the 
State,  and 
ich  agents, 
Every  Life 
ance  Goni- 

i  January. 

of  the  cer- 

county  in 

ner,  when- 
lirs  of  any 
)pear  from 
1  unsound 
such  com- 
lotification 
iper  in  the 

lenever  its 

lia])ilities 

more  than 

ot  possess 
issets  nec- 
laims,  and 
iw. 

least  two 

Ired  tliou- 

bonds  of 

member  in 
ndition  of 

)f  all  pre- 
3  run,  and 
)  run. 


Life —Every  company  must  possess  actual  cash  assets  to  the 
amount  of  one  liundrod  thousand  dollars,  invested  as  required  by  th(f 
laws  of  the  State  where  it  is  organized,  and  must  furnish  the  (  om- 
missioner  a  certificate  from  the  proper  officer  of  the  State  wliere 
located,  showing  that  he  holds  securities  of  the  value  of  one  hnndrtHl 
thousan.l  dollars  on  deposit  for  the  security  of  the  policyholders  ot 

the  coniijativ.  .      ,  .       „    ,  ,        .  r^      „ 

Annualstatenients  shall  be  filed  on  the  thirty-first  day  of  Decem- 
ber in  each  year,  or  within  thirty  days  thereafter. 

Tlie  Commissioner  shall  annuallv  value  all  the  policuis  outstanding 
in  everv  life  company  doing  business  in  this  State,  which  does  not 
furnish  "him  a  certificate  of  valuation,  under  seal  from  the  (commis- 
sioner or  Superintendent  of  the  State  by  whose  laws  it  is  incorporated, 
showing  the  e.xisting  values  of  all  outstanding  policies. 

All  valuations  made  by  the  Commissioner  shall  be  upon  the  basis 
of  the  American  Experience  Table  of  Mortality,  with  interest  at  four 
and  one-half  per  cent,  per  annum,  except  in  case  of  companies  having 
one  hundred  thousand  dollars  capital  st.ick  paid  up.  The  stock,  or 
nou-participating  policies  of  such  companies  may  be  valued  upon  the 
basis  of  said  Table,  with  interest  at  six  per  cent,  per  annum. 

Foreign. Every  foreign  company  shall  file  with  the  Commis- 
sioner a  certificate  under  the  hand  and  official  seal  of  the  chief  finan- 
cial officer  of  some  other  State,  showing  that  he  holds  on  deposit  and 
in  trust  for  the  benefit  of  all  the  policy-holders  of  such  company  in 
the  United  States,  stocks  and  securities  to  the  value  of  two  hundred 
thousand  dollars. 

Licenses.— Every  life  company  shall  pay  a  license  fee  of  seven 
hundred  and  fifty  dollars. 

Reciprocal  provision. 

Fees. — Fire  and  Marine. 

For  filing  copy  of  charter  or  deed  of  settlement,  ten  dollars. 

For  filing  annual  statement,  twenty-five  dollars. 

For  filing  any  additional  or  supplemental  statement,  ten  dollars. 

For  each  certificate  of  authority,  and  certified  copy  thereof,  three 

dollars. 

For  copies  of  any  pai)er  on  file,  twenty  cents  per  toho,  and  tor 
affixing  seal  of  ofiice  and  certifying  the  same,  one  dollar. 

For  cost  of  valuation,  not  exceeding  three  cents  on  each  thousand 
dollars  of  insurance  valued. 

For  making  examinations,  the  actual  expenses  incuiTed. 

Life  companies  shall  pay  the  Commissioner  fifty  dollai-s  for  exam- 
ining statement,  and  six  dollars  for  each  certificate  of  authority. 

Reciprocal  provision. 

Taxes. — P^ach  fire  or  marine  company  shall,  on  the  thirtieth  day 
of  June  and  December  in  each  year,  report,  under  the  oath  of  the 
President  and  Secretary,  or  other  chief  officers  of  such  company,  the 
total  amount  of  premiums  received  in  this  State,  within  the  six  months 
last  preceding,  and  at  the  same  time  shall  pay  into  each  State  Treasury 
the  sum  of  two  dollars  and  fifty  cents  on  each  one  hundred  dollars  of 

10 


74 


PTATfTK    HKqrinKMENTS. 


siicli  promiums.     Iiifo  comiiunics  hIihII  ninko  a  like  rofiirn  on  the  first 
days  of  Januiirv  aiitl  July,  and  pay  a  tax  of  oim  and  one  half  \n;r  C(!tit, 
upon  such  prcniiuins. 
Ueciprocai  provision. 

Penalties. — Every  af^oiit  doiuj?  business  for  any  company  withovii. 
a  ccrtificati' of  authority  from  tlio  Comniissiont'r,  shall  Im  subject  to  a 
penalty  of  five  hundred  dollars  for  (^ach  olTensc. 

Every  company  failing  to  n:;.ke  i-eturu,s  and  \)&y  taxes  as  required 
by  law,  shall  forfeit  and  pay  to  the  State  five  hundred  dollars, 


TEXAS. 
Stei'iikn  H.  Dkauden,   Slair  Comptrnller. 

Admission. — Every  company  desiring  to  transac^t  business  in  this 
State,  before  admission  must  file  with  the  (Jomptrollor — 

A  duly  cortilied  copy  of  its  charter. 

A  statement  under  the  oath  of  tli(>  President  oi'  Vice-President  and 
Secretary  of  the  company,  showing  the  condition  and  Inisiness  of  tlie 
company. 

A  written  instrument  under  the  seal  of  the  comi)any.  signed  by 
the  President  and  Secretary,  and  authoriz(i(l  by  resolution  of  the 
directors  in  ease  of  Fire  and  Marine  companies,  ai)pointing  some  per- 
son in  this  State  its  attorney  upon  whom  all  servicer  of  proc«!SS  may 
be  nuide  in  any  action  against  said  company  in  this  State.  In  case  of 
Life  companies,  such  writtim  instrument  shall  authorize  service  to  be 
made  upon  any  duly  appointed  agent  in  this  State. 

Certificates  and  Agents. — Every  insurance  company  shall  pro- 
cure from  the  Comptroller  befon^  transacting  business,  a  certificate  of 
authority,  which  shall  be  renewed  annually  at  the  time  of  filing  the 
annual  statement.  Such  certificate  shall  be  published  once  annually 
in  two  newspapers  of  this  State,  one  of  which  shall  be  published  at 
the  capital. 

All  agents  before  transacting  business  for  any  company  in  this 
State  sliall  procure  from  th(>  Comptroller  a.  certificate  of  authority, 
which  shall  be  renewed  annually  on  the  first  day  of  January  or  within 
sixty  days  thereafter. 

Examinations  and  Impairments. — The  Comptroller,  when  he 
deems  it  expedient,  may  examine  into  the  condition  and  affairs  of  any 
company  doing  business  in  this  State,  and  if  he  is  satisfied  that  the 
affairs  of  any  (company  are  m  an  unsound  condition  he  shall  revoke 
the  certificates  granted  in  behalf  of  such  company  and  publish  notice 
thereof  in  one  or  two  newspapei-s  published  in  this  State. 

A  Fire  or  Marine  company  is  in  an  unsound  condition,  if  after 
charging  it  with  a  re-insurance  fund  and  its  proper  liabilities,  its 
capital  stock  is  impaired  twenty-five  per  cent. 

Fire  and  Marine. — Annual  statements  must  be  filed  on  the  first 
day  of  January  or  within  sixty  days  thereafter.     Every  such  coznpany 


on  tho  first 
ilf  [)(!!•  cont. 


any  without 
subjoct  to  a 

as  required 
ars. 


STATl  TK    UKQlIRF.MKNrS. 


76 


lincss  in  this 


roaidciit  and 
iness  of  tlie 

y.  signed  by 
tion  of  the 
Iff  some  por- 
process  may 
In  case  of 
ervice  to  be 

ny  shall  pro- 
certificate  of 
of  filing  the 
nee  annually 
published  at 

pany  in  this 
^f  authority, 
,ry  or  within 

Her,  when  he 
flairs  of  any 
ied  that  the 
shall  revoke 
ublish  notice 

tion,  if  after 
iabilities,   its 

i  on  the  first 
ich  coinpany 


must  possess  an  actual  paid-up  capital  of  one  hundred  thousand  dollars 
exclusive  of  any  assets  deposited  in  any  State  or  Territory  for  the 
special  bcnelit  of  the  insured  therein. 

The  n-iiisurarice  fund  shall  lie  computed  at  forty  per  cont.  of  all  pre- 
miums i.n  ime.\|)ircd  lire  lisksaml  the  entire  pivmium  on  unexpired  ma- 
rine and  inland  risks.  If  any  company  fails  to  pay  any  e.\<'cuti()n  against 
it,  on  a  valid  judgment  in  this  State,  for  thirty  days,  the  cert  ideates  of 
the  company  shall  bo  revoked  and  it  siiall  not  bo  permitted  to  transact 
further  business  in  this  State  until  such  e.xecuticm  is  paid. 

Life. Every  company  shall  possess  at  least  one  hundred  thousaiul 

dollars  of  actual  capital  invested  in  stocks,  bomls,  and  mortnage.H,  or 
other  satisfactory  securities  of  the  market  value  of  at  least  one  hundred 
thousand  dollars.  Every  such  comi^any,  organiztsd  in  any  foreign 
country,  shall  furnish  a  certilicato  that  it  has  one  hundred  thousand 
dollars"  on  doposit  with  the  proper  ollicer  of  some  other  Stale  of  the 
United  States  or  shall   make  such  deposit  with  the  Treasurer  of  this 

State. 

Annual  statements  shall  bo  filed  on  the  first  day  of  Jantiary  or 
witliin  sixty  days  tliensafter.  If  any  company  fails  to  pay  any  claun 
arising  under  any  [lolicy  within  the  time  spocifie.l  in  such  uolicy,  it 
shall  in  addition  thereto  pay  not  moro  than  twelve  per  cent,  on  the 
amount  thereof  and  reasonable  attorney's  fees  for  the  prosecut.'cn  of 
the  claim  against  the  company.  If  such  company  fails  to  pay  any 
exe(!Ution  issued  on  linal  judgment,  for  thirty  days,  the  certificate 
granted  such  company  shall  bo  void,  and  such  company  shall  be  pro- 
hibited transacting  further  business  in  this  State  until  such  execution 
is  paid. 

Licenses  and  Taxes.— Every  life  insurance  company  shall  pay 
an  annual  tax  of  five  hundred  dollars,  and  in  every  county  in  which  it 
does  business,  ten  dollars. 

Every  fire  and  marine  insurance  company  shall  pay  an  annual  tax 
of  two  hundred  dollars,  and  five  dollars  in  every  coimty  in  wliich  it 
does  business.  Such  taxes  shall  be  paid  by  the  company  to  the  Comp- 
troller, whose  receipt  under  seal  shall  be  issued  to  the  company,  certi- 
fied copies  of  which,  when  furnished  to  agcmts,  shall  be  authority  to 
work  in  any  county  in  the  State.  The  county  courts  of  the  several 
counties  have  the  power  to  levy  taxes  to  the  amount  of  one-half  the 
State  taxes.  Any  such  company  doing  business  for  less  than  a  year 
shall  pay  a  pro  rata  amount  of  such  taxes. 

Fees— Fire  and  Marine.— For  filing  first  application  and  issu- 
ing certificate,  twenty-five  dollars. 

For  filing  each  annual  statement,  ten  dollars. 

For  each  certificate  of  authority,  one  dollar. 

For  all  copies  of  papers  on  file,  ten  cents  per  folio,  and  fifty  cents 
for  certifying  the  same  and  aflixing  the  seal  of  ofiice. 

For  examinations,  ten  dollars  per  day  and  the  actual  expenses  in- 
curred, not  to  exceed  two  hundred  and  fifty  <lollars. 

Reciprocal  provision. 


7« 


^^TAT^•^r,    KKQIIUKMr.NTS. 


Penalties. — Kvory  person  violating  nny  of  the  provision*  of  law 
rclnfiii^!;  to  insiimncc  is  puni.siiiililc  l>v  ii  fine  not  Ichs  lliaii  livr  Imndrod 
dollars  nnr  more  tlian  one  tiioiisanil  doilai's. 


VERMONT. 


(I KoHHK  S\nuM.H,  Si;c\i/ of  Nfntc,    |         Iiifuninri' 
John   a.    I'aok.    Ticinmrcr,  \  Ciiniinissiinicrs. 

Admission. — Kvory  coniimny  dcHiriiiff  to  transact  Imsinoss  in  this 
State,  bofort)  admission  shall  tile  wiili  tho  Socretary  of  State — 

A  certified  copy  of  its  cliarter. 

A  statement,  signed  and  sworn  to  by  tlie  President  and  Secretary 
of  the  conii)aiiy,  shuwiiif^  its  (capital,  assets,  and  liabililies. 

Kvery  sucii  coinpatiy.  by  a  written  stiiiulati(»n  liled  with  the  Secre- 
tary of  State,  sliall  agree  that  all  lawful  i^rocess  against  sucli  company 
may  bo  served  upon  (Mtlier  of  the  Insurance  (!ommissioners,  and  shall 
have  the  same  eli'ect  as  if  served  personally  upon  the  com{)any.  When 
process  is  served  on  the  [nsurani;e  Commissioners  it  shall  be  served  by 
duplicate  copies,  ami  one  copy  shall  lie  immediately  forwarded  to  the 
company. 

Certificates  and  Agents. — Every  company  shall,  before  doing 
business,  obtain  a  license  from  the  Commissioners.  Such  license  sliall 
be  renewed  annually  on  the  first  day  of  April. 

Every  agent  before  doing  business  for  any  (company  shall  lilo  with 
the  (!ommissioners  a  certificate  of  liis  appointment  from  the  company 
or  its  general  agent.  The  C/ommissioner  shall  thereujion  issue  a  license 
to  every  such  agent.  Such  license  sliall  be  renewed  annually  on  the 
first  day  of  April. 

Every  agent  shall  exhibit  in  conspicuous  letters  on  the  sign  desig- 
nating his  place  of  liusiness,  the  name  of  the  State  under  whose  author- 
ity the  company  lie  represents  has  been  incorporated.  Such  company 
and  every  agent  shall  have  printed  in  large  type,  the  name  of  such 
State  on  all  policies  issued  to  citizens  of  this  State,  on  all  cards,  placards, 
and  pamphlets,  and  in  all  advertisements  published,  i8,sued,  or  circu- 
lated in  this  State  by  them,  or  him,  i-elating  to  the  business  of  such 
company. 

■  If  any  judgment  remains  unpaid  thirty  days  after  demand  and 
notice  to  the  Commissioners,  tlie  Commissioners  may  suspend  the  busi- 
ness of  the  company  in  this  State. 

Examinations  and  Impairments, — The  Insurance  Commis- 
sioners may  at  any  time  examine  into  the  allairs  and  condition  of  any 
company  doing  business  in  this  State.  If  in  their  opinion  such  com- 
pany is  in  an  unsound  or  failing  condition,  they  shall  revoke  the  licenses 
granted  to  such  company  and  its  agents,  and  publish  notice  thereof  in 
every  county  in  which  the  company  has  an  agent. 

No  company  can  transact  business  in  this  State  if  its  capital  stock 
is  impaired  more  than  twenty  per  cent. 


)ii><   nf    Inw 

,'r   llllllill't'ii 


11088  in  this 


\  Secretary 

the  Secro- 
h  company 
I,  and  sliall 
ly.  Wlion 
e  served  by 
rded  to  the 


iforo  doing 
cenae  sliall 

ill  Jile  with 
e  company 
Lie  a  license 
illy  on  the 

sign  desig- 
lose  author- 
h  company 
ne  of  such 
Is,  placards, 
d,  or  circu- 
jss  of  such 

emand  and 
id  the  busi- 


e  Commis- 
tion  of  any 
1  such  com- 
the  licenses 
B  thereof  in 

ipital  stock 


BTATIITK    HKtjriueMKNTH.  (7 

Fire  and  Marine. — Kvery  «r(»ck  company  muRt  havn  a  pnid-iip 

capiial  of  Kiio  liuiidrcil  limusanil  dullars,  not  I(<sm  than  onohiill'  of  which 
shall  lie  invi'i-tted  in  ciiwh  securities  otlu-r  than  uiorigngcs  in  real  csialf. 
Annual  Htatements  wiiall  he  Hied  on  or  before  tlu!  Hist  day  of  Feiinmrv 
ill  cnch  year,  showing  the  condition  of  the  company  the  preceiliiig 
;?lsl  diiv  nf  Uercmlicr.  'I'Ih'  n'-insuniiice  fund  shall  bt^  (dinputetl  at 
fifty  per  cent,  of  liii' pii'miums  on  uncxpin-d  lire  risks  and  llic  ciitin! 
premium  on  imuiiie  risks.  Comiianies  are  liable  fori  he  ads  and  neglrct 
of  their  agents,  as  between  such  companies  and  the  insured,  if  not 
made  so  by  law  or  th<'iract  of  incorporation  their  policies  must  (unitain 
a  proviso  to  that  elTect. 

Life. — Kvory  life  company  must  possc^ss  cash  a.sset9  to  the  amount 
of  one  hundred  thousand  dollars. 

Annual  statements  shall  he  filed  on  the  first  day  of  .Maifh  in  each 
year,  showing  the  condition  of  the  company  the  preceding  :Ust  day 
of  December. 

The  re  insurance  is  liased  on  the  Actuaries' Table  of  Mortality,  willi 
interest  at  four  per  cent, 

Fees. — For  filing  annual  statement,  twenty  dollars. 
For  company's  license,  liv(!  dollars. 
For  agent's  license,  one  dollar. 
Reciprocal  provision. 

Penalties. — Any  violation  of  the  act  relating  to  insurance  is  pun- 
ishable by  a  line  not  exceeding  two  thousand  dollars. 


VIRGINIA. 


WiLMAM   F.  Tay-lor,  Auditor  nf  Puhlic  Accounts. 

Admission. — Every  comjiany,  before  transacting  business  in  this 
State,  shall  deposit  witli  the  Treasurer,  bonds  of  the  State  of  Virginia, 
or  bonds  of  the  United  States,  or  bonds  of  {lublic  csorporations  guaran- 
teed by  this  State,  or  bonds  of  the  cities  of  Richmond,  Petersburg, 
Lynchburg,  Norfolk,  or  Alexandria,  or  first  mortgage  railroad  bonds 
of  a  railroad  chartered  by  this  State,  or  bonds  secured  by  deeds  of 
trust  of  real  estate  situated  in  this  State,  to  the  amount  of  five  per 
centum  of  its  capital  stuck;  such  deposit  to  be  not  less  than  ten  thou- 
sand dollars  nor  more  than  fifty  thousand  dollars. 

Such  deposit  .shall  be  accompanied  by  a  statement,  under  oath,  of 
the  amount  of  capital  stock  of  such  company. 

Every  such  company,  by  a  written  power  of  attorney,  shall  appoint 
some  person,  a  resident  and  citizen  of  this  State,  its  agent  or  attorney, 
who  shall  accept  service  of  all  lawful  process  against  such  company 
in  this  State,  and  cause  an  appearance  to  be  entered  in  any  action 
against  it. 

A  copy  of  such  power  of  attorney  duly  certified  and  authenticateil 
shall  be  filed  with  the  Auditor. 

Every  such  company,  through  its  attorney,  shall  give  bond  to  the 


7« 


ST  ATI   IK     UKgrillKMKNTK. 


Awilititr  with  two  or  mornsuroiics,  in  ii  sum  not  loss  than  on<i  thoiisnud 
iloilai-s,  nor  niorn  than  live  thousand  dollars,  conditioned  to  niuko 
roturnH  ami  pay  taxGH  as  n'(|nirt!d  by  law. 

LicenseH. — Any  I'oiiiiumy,  iii)on  niiikinjf  thn  deposit  nM|uiriMl  by 
law,  HJiaii  ri.'ccivf  fidni  iho  TicaMiriT  a  rrccipt  tlicrcror,  and  upon  llio 
payini'iit  into  tlio  tn'asiiiy  of  a  spfciiic  licciisn  tax  ot  two  luiinlnid 
dollars,  sliall  roci'ivt!  a  lii'cnsu  to  transact  Imsincss  in  this  Siato.  Such 
licoiiMc  tax  shall  lie  paid  and  liccnso  rt'nnwfd  annually,  on  tlui  tirst  day 
of  Juno. 

Life, The  Auditor  is  authori/cd  to  iiuik-c  a  valuation  of  pulicios 

outstaiidinf.;  in  any  company  iiicorporatrd  by  this  State,  upon  the  basis 
of  tlu)  Aiiu'iican  Kxporicncc  Tablo  of  Mortality,  with  intorust  at  four 
and  (iiii'-half  per  cent,  per  annum. 

If  the  iuHuranco  <U^[)artment  of  any  othor  stato  rofusPB  to  rocoive 
as  siillicioiit  the  valuation  made  by  the  Auditor  of  the  policies  of  auy 
company  of  this  Slate,  doing  business  in  such  other  Slato,  then  tho 
policies  oulslandiiig  in  any  company  of  such  olher  State  hIiiiII  b(i  spe- 
cially valued  al  the  expense  of  the  company  iimhT  the  direction  of  tho 
Aiulitor,  before  such  company  shall  bo  permitted  to  transact  business 
in  this  State. 

Taxes. — Every  (company  shall  certify  to  tho  Auditor  under  tho 
oath  of  Its  chief  accounting  ollicer  or  principal  agent  in  this  Slate,  be- 
tween the  lirat  and  fifteenth  days  of  .January  in  each  yc^ar,  the  gross 
amount  of  all  premiums  collected'  in  this  Slate,  and  shall  imiiK'dialely 
pay  into  the  treasury  of  the  State  a  tax  of  one  per  cent,  ihereon. 

Reciprocal  provision. 

Penalties. — Ev(>ry  person  who  shall  act  as  agent  for  any  company 
that  has  not  complied  with  tho  requirements  of  law,  shall  forfeit  a  sum 
not  exceeding  one  thousand  dollars,  nor  lesb  than  three  hundred 
dollars,  for  each  oU'enso. 


I 


WEST   VIRGINIA. 
E.  A.  Hknnktt,  Auditor. 

Admission. — Every  company  desiring  to  transact  business  in  this 
State,  before  admission  must  lilo  with  the  Auditor — 

A  statement  of  tlie  condition  of  the  company,  under  tho  oath  of 
the  President  or  Secretary. 

A  power  of  attorney  duly  acknowledged  and  autlienticated,  appoint- 
ing some  person  residing  in  this  State  to  accept  service  of  process  and 
notice  in  this  State  for  such  company,  and  consenting  that  service  of 
any  process  or  notice  upon  such  person,  or  his  acceptance  of  service, 
shall  liave  tho  same  effect  as  service  on  the  company. 

Certificates  and  Agents. — Eveiy  company  and  its  agents  must 
procure  from  the  Auditor  a  certificate  of  autliority,  and  cause  the  same 
to  be  published  in  some  newspaper  of  general  circulaiion,  published  in 


BTATfTK    TirgriHEMFNTS. 


79 


1  llioimami 
I  to  niuko 


"(juiii'il  by 
I  lljxill  llio 
)  liiiiiili't'il 
ito.     Sucli 

0  (irst  duy 

[)f  jmlicies 

1  tilt!  bums 
ust  at  four 

to  re(!oivo 
i(!3  of  iiuy 
I,  then  l.lui 

111!    b(!    HlKi- 

Lioii  ol'  lilt) 
t  businuHS 


under  th(! 
1  Stiito,  be- 
,  the  gi'oss 
iiiiodialely 
reoii. 


y  company 
•ftiit  a  sum 
J   hundred 


iiess  in  this 

he  oath  of 

3d,  appoint- 

srocess  and 

service  of 

of  service, 


-gents  must 
36  thf!  same 
ublished  iu 


thiH  State,  iitnl  causf  a  ropy  of  Huch  publication  to  ho  filed  in  the  office 
of  the  circuit  court,  in  each  county  wher<»  »aid  comjianv  docs  insurntif"*' 
huBiiicss.  Sucli  ccrtillcatcm  sluiil  bo  n.-nowtdl  annually,  and  aiinun'ry 
publi.shcd  and  lilcd  ns  aforesaid, 

Examlnntions. — Tiie  .Auditor  is  authorized  to  examine  the  a'    irs 

of  any  company  doin^r  business  in  this  State.  Whi'iicvcr  it  shall  ap[>(^ar 
to  his  satisfaciiun  that  the  all'airs  of  any  such  company  arc  in  an  un- 
Hound  condition,  Im  .shall  revoke  the  certificate  of  authority  granted  in 
behalf  of  such  cinnpiiny  and  cause  iiotilication  thereof  t<>  be  jiublishcd 
in  some  newsjiapor  of  general  circulation,  published  ai  the  capital  of 
this  State. 

Fire.  Marine,  and  Life. — Every  company  iiu,"  possess  at  least 
one  hundred  thousand  dollars  actual  capital,  invested  in  safe  .securities. 

Annmil  statcunents  shall  be  filed  in  the  month  of  .Jantiary,  in  each 
year,  showing  the  condition  ami  affairs  of  the  company  on  the  pre- 
ceding Illst  day  of  December. 

Fees. — For  liting  and  examination  of  statement,  ton  dollars. 
For  each  certificate!  of  authority,  five  dollars. 
Reciprocal  provision. 

Taxes  — Kvery  company  doing  business  in  this  State  shall,  at  the 
time  of  filing  aiuiual  statem(!nt,  pay  into  the  State  treasury  a  lax  of 
three  per  centum  uixm  the  gross  amount  of  premiums  collcct(!d  in  this 
State,  during  tlu!  preceding  yeai'. 

Fverv  lif"  insurance  <-(impany  which  siudl  invest  in  this  State  the 
whole  auK-iint  of  its  n(!t  receipts  from  its  business  therein,  shall  pay 
only  ono-third  of  such  tax. 

Penalties. — Every  company  or  ag<!nt  r(!quired  to  make  return  or 
payment  of  taxes  or  fees,  who  shall  fail  to  do  so,  or  knowingly  make 
a  false  return,  .sluUl  forfeit  not  less  than  oiu?  huiulro<l  nor  mon!  than 
oiu!  thousand  dollars  for  t^very  such  olTense,  and  any  olTictir  or  agent 
of  any  insurance  comjiany  who  shall  make,  reiu!W,  or  lU'gotiate,  in  this 
State,  any  insurance  or  cimtract  for  insurance,  for,  or  in  the  name  of, 
any  company  which  has  not  fully  complied  with  the  re(|uirements  of 
the  laws  relating  to  making  the  amiual  statement  or  paying  ta.Kes, 
forfeits  not  less  than  twenty  nor  more  than  two  lumdred  dollars  for 
every  such  oilouso. 


WISCONSIN. 
Peter  Doyle,  Secretary  of  State. 

Admission. — Every  company  desiring  to  tiansact  business  in 
this  State,  shall,  before  admission,  file  with  the  Secretary  oi  State — 

A  certified  copy  of  its  charter,  or  deed  of  settlement. 

A  statement  under  the  oath  of  the  President  or  Vice  President  or 
other  chief  oflicer  and  Secretary  of  the  company,  showing  its  affairs 
and  condition. 

A  copy  of  the  last  report,  if  any  made,  under  any  law  of  the  State 
by  which  the  company  was  incorporated. 


gQ  STATUTE    REQUIREMENTS. 

F.verv  sr.ch  companv  shall  appoint,  in  writing,  an  attorney,  resident 
in  this  State,  upon  whom  all  lawful  process  can  bo  served  with  like 
effect  as  if  said  companv  existed  in  this  State.  Such  written  instru- 
ment, in  case  of  fire  companies,  shall  contain  a  PJ''^^''^"  /^'":^.  "j^l;  j 
company  will  not  remove  any  suit  against  it  in  this  State  to  the  UniteU 
States  courts.  A  copy  of  such  w.itten  instrumem,  or  power  of  attor- 
n."V  luly  certified  and  authenticated,  shall  be  filed  with  the  becretaiy 
of  State  It  is  also  provided  that  service  of  any  process  may  be  i.uule 
on  any  agent  of  such  company  in  this  State,  and  such  service  shall  bo 
valid  personal  service  upon  such  company. 

Certificates  and  Agents.— Every  life  insurance  company  shall, 
before  transacting  business,  obtain  from  the  Secretary  of  State,  a 
license,  or  certificate  of  authority,  which  shall  expire  on  the  last  day  ot 
the,   following  February,   and  shall  then  be  renewed,   and  annually 

thereafter.  .  ,,     a„^,.« 

Every  agent  shall,  bef(n-e  doing  business,  procure  from  the  Secie- 
tary  of  State  a  certilieate  autliori/.ing  him  so  to  do.  Such  certificate 
in  case  of  fire,  marine,  or  inland  companies,  shall  expire  on  the  31.st 
day  of  January,  in  each  year,  and  in  case  of  life  companies,  on  the  first 
day  of  March' in  each  year,  and  all  such  certificates  shall  be  renewed 
annually. 

Examinations  and  Impairments.— The  Secretary  of  Sta,te, 
whenever  he  shall  <le.;m  it  expedient,  may  examine  into  the  condition 
of  any  company  doing  business  in  this  State.  \Vhencver  he  shall 
deem  it  for  tlie  best  interest  of  the  public,  he  shall  pubhsh  the  rest;  t 
of  such  examination  in  one  or  more  papers  m  this  State.  It  it  shall 
appear  from  such  examination  that  the  afi'airs  of  any  company  are  m 
an  unsound  condition,  the  Secretary  of  State  shall  revoke  the  certifi- 
cate granted,  in  behalf  of  such  company,  and  cause  notification  tliereot 
to  lie  published  in  the  ofiicial  state  paper,  and  mail  a  copy  thereof  to 
each  agent  ot  the  company.  .  . 

No  fire  or  marine  company  can  transact  business  m  this  State  it, 
after  the  company  is  chargcul  with  its  proper  liabilities  including  its 
re-insurance  fund,  tlie  capital  stock  of  such  company  is  impaired  to 
the  extent  of  twenty  per  cent,  thereof,  while  such  deficiency  continues. 

No  life  company  can  transact  business  in  this  btate,  it  its  assets, 
after  providing  for  all  its  lialnlities,  are  not  equal  to  its  premium  reserve 
aiscertained  as  required  by  law. 

Fire  and  Marine.— Every  company  transacting  business  in  this 
State  must  possess  an  actual  cash  capital  of  one  hundred  thousand 

Annual  statements  must  be  filed  on  the  first  day  of  January  m 
each  year  or  within  one  month  thereafter,  showing  the  condition  and 
affairs  of  the  company  on  the  preceding  31st  day  of  December.  Such 
statement  shall  be  published  in  the  official  State  paper  for  two  weeks 
and  in  one  daily  paper  of  general  circulation  published  in  the  city  ot 

Milwaukee.  ,       .  ,.        »  • 

When  any  insurance  company  or  companies  issue  a  poficy  ot  in- 
surance against  loss  by  fire,  upon  the  real  property  of  any  individual 
or  incorporation   in  this  State,  and  the  property  so  insured  shaU  be 


^■7Pr  ■  a,-"i-Kre  ■  ^u-  ■^rz^ifi's^f  ■ ' 


^-wt-flr-rWi^a*^  ■* 


-  -.;«i»3«*I**Ai**y'  ■ 


STATUTE    REQUIHEMENTS. 


81 


ley,  resident 
id,  with  like 
itteu  instru- 
a  that  such 
)  the  United 
vev  of  attor- 
le  Secretary 
nay  he  made 
/ice  shall  bo 

mpany  shall, 

of  State,  a 

le  last  day  of 

nd  annually 

n  the  Secre- 
'h  certilicate, 
3  on  the  31.st 
s,  on  the  (irst 
,  be  renewed 

ry  of  State, 
the  condition 
ivor  he  shall 
ish  the  result 
If  it  shall 
mpany  are  in 
:e  the  certifi- 
lation  thereof 
py  thereof  to 

this  State  if, 
nicluding  its 
I  impaired  to 
icy  continues, 
if  its  assets, 
miuni  i-eserve 

isiness  in  this 
red  thousand 

f  January  in 
condition  and 
ember.  Such 
or  two  weeks, 
in  the  city  of 

L  policy  of  in- 
my  individual 
3ured  shall  be 


wholly  destroyed,  without  criminal  fault  on  the  part  of  the  assured, 
the  amount  of  insurance  written  in  said  policy  or  ]>olicics  shall  betaken 
and  deemed  the  true  value  of  the  property  at  the  time  of  such  loss, 
and  the  amount  of  the  loss  sustained  by  the  individual  or  corporation 
in  whose  favor  the  said  policy  was  issued,  and  such  amount  sliall  be 
taken  and  deemed  the  measure  of  damages. 

Life.—Everv  company  must  possess  one  hundred  thousand  dol- 
lars invested  in  safe  securities  approved  by  the  Secretary  of  State. 
Annual  statements  must  be  filed  on  or  before  the  first  day  of  March 
in  each  year,  showing  the  condition  and  affairs  of  the  company  on  the 
preceding  31st  day  of  December. 

The  Secretarv  shall  calculate  the  value  of  the  policies  outstanding 
in  any  company  whose  policies  are  not  valued  by  the  insurance  depart- 
ment' or  prope'r  oflicers  of  any  other  State.  Such  valuation  by  the 
Secretary  of  State  shall  be  made  upon  the  basis  of  the  American  Ex- 
perience Table  of  Mortality,  with  interest  at  four  and  one-half  per  ce  it. 
per  annum. 

Foreign. — Every  company  shall  file  evidence  with  the  Secretary 
of  State  that  it  has  on  deposit  with  the  proper  official  of  some  other 
State,  or  vested  in  trustees,  citizens  and  residents  of  the  United  States, 
two  hundred  thousand  dollars,  for  the  benefit  and  security  of  the  policy- 
holders of  such  company  residing  in  the  United  States.  In  default  of 
such  evidence,  such  company  shall  deposit  with  the  State  Treasurer 
bonds  and  stocks  to  the  amount  of  fifty  thousand  dollars. 

License. — Every  fire  or  marine  company  shall  procure  a  license, 
and  if  such  company  shall  not  have  transacted  business  in  this  State 
for  one  year  prior  to  applying  for  the  same  the  sum  of  five  hundred 
dollars  shall  be  paid  as  a  license  for  the  first  year. 

Life  companies  shall  pay  an  annual  license  fee  of  three  hundred 
dollars. 

Reciprocal  provision. 

Fees. For  filing  certified  copy  of  charter,  twenty-five  dollars. 

For  filing  annual  statement— life,  twenty-five  dollars  ;  fire  or  ma- 
rine, ten  dollars. 

For  each  certificate  of  authority,  one  dollar. 

For  every  copy  of  any  paper  filed  in  the  office  of  the  Secretary  of 
State,  twenty  cents  per  folio  ,  and  for  aflnxing  the  seal  to  such  copy  and 
certifying  the  same,  one  dollar. 

For  valuation  of  hfe  policies,  one  cent  for  each  one  thousand  dol- 
lars of  insurance  valued. 

For  examinations,  the  actual  expenses  incurred. 

Reciprocal  provision. 

Taxes. — F.very  fire  or  marine  company  in  its  annual  statement 
shall  state  the  gross  amount  of  premiums  received  in  this  State  for  the 
preceding  year,  and  shall,  before  receiving  its  license,  pay  to  the  State 
Treasurer  a  tax  of  two  per  cent,  upon  such  premiums. 

Every  agent  of  any  fire  company  locate  c?  in  any  incorporated  city 
or  village  having  an  organized  fire  department,  shall  give  bond  to  the 
Treasurer  of  such  department  in  the  penal  sum  of  one  thousand  dollars, 

a 


'W. 


82 


STATUTE    REQUIBEMENT8. 


with  such  sureties  as  such  Treasurer  shall  approve,  conditioned  that 
he  will,  on  the  first  liay  of  February  in  each  year,  render  to  such  Treas 
urer  ;<•  correct  statement,  under  oath,  of  all  the  premiums  received  by 
him  for  insurance  against  loss  by  lire  in  such  city  or  village  for  the 
year  ending  on  the  priiceding  first  day  of  January,  and  pay  to  such 
Treasurer  two  dollais  on  every  hundred,  and  at  that  rate,  upon  the 
amount  of  such  premiums. 

Every  such  agent  shall  pay  said  tax  of  two  dollars  on  each  one  hund- 
red dollars  on  or  before  the  first  day  of  February  in  each  year. 

Penalties. — I^'ur  failure  to  file  statement  of  tire  company  as  re- 
quired by  law,  five  hundred  dollars,  and  one  hundred  dollars  for  each 
month  in  which  such  failure  continues.  For  failure  to  file  hfe  com- 
pany's statement,  one  hundred  dollars  for  each  day's  neglect.  For 
doing  business  without  certificate  of  authority,  not  less  than  fifty  nor 
more  than  five  hundred  dollars. 

For  wilfully  making  false  statement,  not  less  than  five  himdred 
dollars  nor  more  than  one  thousand  dollars. 


.  .,»i^^-jfi*.,.i.3asiiri,;£se3:iKK*ffr-- 


i,r«e  ji»st  i^ifij^?:^  ^ 


iiMiit,i\ti 


^^^B 

^■1 

• 

Q 

d  that 

Treas 

fed  by 

.1  '  ■ .  '. 

for  the 

o  such 

viii  the 

huud- 

'''■,.     •  ,  . 

^  as  re- 

3r  each 

'e  coiii- 

For 

fty  nor 
undred 

•inisi'Mi.'iwi!riJw.-;^.at:Jt-twvj!.'w<a,''iMt"yff'i»w^ 


mmmm^i^tkMimi'jm^^S!mmim^^^^mmih_'iirimmmMm 


